How to think like Warren Buffett

It's not like Warren Buffett has a crystal ball.

In fact, the Berkshire Hathaway chairman and CEO would be quick to tell you he doesn't know what the stock market is going to do tomorrow, next month or next year.

Although the man known as America's greatest investor has said he doesn't believe you'll make money trying to sell stocks on a daily or weekly basis, many investors closely follow Berkshire's new investments, seeing them as a vote of confidence by Buffett.

But if Berkshire builds its stake in an agricultural equipment company such as Deere, should you buy it? Berkshire dumped shares in Exxon Mobil as oil prices plummeted. Should you have done the same?

The true value in "investing like Buffett" may not be achieved by trying to replicate the Berkshire portfolio, but instead, emulating his investment philosophy. Don't just pick stocks; choose businesses with strong balance sheets, experienced management and a long-term horizon.

Тhe problem for the average investor is that something often derails their long-term strategy. A new Bankrate survey found that one-third of Americans say they can't save more for retirement because they have just enough money for their day-to-day expenses.

In another survey of more than 2,000 Americans, TD Ameritrade found two-thirds of respondents had seen their long-term and retirement plans disrupted, most often due to a job loss or lower-paying job.