Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) CEO Warren Buffett stands as one of history's most successful investors and has delivered incredible performance for shareholders who have backed his company. To put things in perspective, Buffett purchased a controlling stake in Berkshire and became the business's leader in 1965. If you had invested $1,000 in the company when Buffett took over and held on to your stake, it would now be worth approximately $29 million.

Because Berkshire already ranks as the world's eighth-largest company and has a market capitalization of more than $735 billion, investors shouldn't count on that performance being repeated. But Buffett has continued to beat the market over the last year, and it's easy to see why he remains a go-to source for investing wisdom and strategies.

If you're looking for Buffett-backed stocks that have what it takes to strengthen your own portfolio, read on to see why buying these discounted stocks looks like a smart move right now. 

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Source Fool.com