Warren Buffett has an investing track record anyone would love. As chairman of Berkshire Hathaway, he's delivered a compounded annual gain of nearly 20% over more than 50 years. That's double the increase of the S 500. The billionaire has always stood by the same investing principles: Choose solid companies that are undervalued and stick with them for the long term.

Though Buffett holds some high-growth shares in industries like technology, he's known to favor classic companies selling goods and services everyone needs -- from consumer products to banking services and medicines. Today, two of these classic players are on sale after falling in the double digits, and that offers you a great chance to get in on them -- and potentially win big over the long term just like Buffett. Let's take a look at these two Buffett favorites.

Buffett originally bought Coca-Cola (NYSE: KO) in the late 1980s and has held on ever since. There are plenty of reasons to like this beverage giant. One of them is the company's moat, or competitive advantage that helps the player keep its leadership position in a particular market. In Coca-Cola's case, brand strength and a solid distribution network have built up a significant barrier that rivals will have trouble dismantling.

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Source Fool.com