When Warren Buffett purchased a controlling stake in Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) and became its CEO in 1965, the company was valued at roughly $18 per share. If you owned $1,000 worth of Berkshire stock when Buffett took over and held on to your position, it would now be worth more than $30 million.

With that incredible performance in mind, two Motley Fool contributors have teamed up to take a couple of pages out of the Oracle of Omaha's famously successful playbook. Read on for a look at two Buffett-backed stocks that they believe are worth buying right now -- one that's only down slightly from its lifetime high and another that trades at a steep discount. 

Keith Noonan: Not only did Buffett's company handily outperform the S 500 index amid last year's brutal market volatility, but it's also outperforming in this year's market rebound. While the benchmark index is up approximately 12.5% year to date, Berkshire stock has risen 16.5%. The investment conglomerate's stock is down just 3% from its lifetime high on the heels of a recent pullback for the broader market, and shares continue to look like a smart buy for long-term investors. 

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Source Fool.com