It is important to recognize Buffett runs an absolutely massive amount of money and wants concentration. If you are limited by those factors you are limited to

It is important to recognize Buffett runs an absolutely massive amount of money and wants concentration. If you are limited by those factors you are limited to about 400 companies in the USA. Then among those, about half of them have weak returns on marginal capital invested. Among the remaining 200 or so, he doesn't like the price. Most investors are not limited to about 200 companies. Keep looking. Look under 500M market caps. Plenty of companies trading for ev/ebits under 7, PEs under 10, price/books under 1, with decents ROICs. Sure stocks on average are expensive, but bargains always exist.