Some of Buffett's favorite companies are those that increase shareholder value through dividends and share buybacks. You'll see several of those on this list. But this list of Warren Buffett stocks to buy is primarily focused on companies with a forward price-to-earnings (P/E) ratio that is below the current S&P average of around 18x. That means these stocks will be more likely to experience a price-multiple expansion as other stocks get priced lower.