Thanks to his incredible track record leading Berkshire Hathaway, Warren Buffett is a legend in the investing world. He's considered by many to be one of the greatest capital allocators ever. Because of this standing, average investors are always trying to emulate his strategy in the hopes of achieving strong returns.

If you want to start investing more like the Oracle of Omaha, I think there's one no-brainer action you should start taking right away that can have huge benefits.

Retail investors, and surely many professional capital allocators, can copy Buffett by only focusing on owning businesses that have an economic moat. This is a single competitive advantage, or a combination of them, that has proven to be durable over an extended period. It allows a specific company to outcompete rivals and earn higher returns on invested capital.

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Source Fool.com