At the helm of Berkshire Hathaway, Chairman Warren Buffett is known for his long track record of success. He and his team have generated a compounded annual gain of more than 19% over 57 years, well outperforming the S 500.

The index has delivered a compounded increase of 9.9% over that same time period. So that's why investors everywhere look to Buffett for advice.

Following the billionaire's every step may not be the best option because each of us has a unique set of investment goals and an investment style that suits our comfort with risk. And we may have a particular interest in a field that doesn't show up in Buffett's portfolio -- for example, biotech. All of that aside, though, certain Buffett favorites fit well in any portfolio -- and could boost your returns over time as they've done for the famous investor.

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Source Fool.com