Warren Buffett built his fortune by doing something that sounds simple, but is surprisingly hard to follow.
He bought high-quality businesses, paid sensible prices where possible, and then held them for a very long time.
That is the approach I would use if I had money to invest in ASX shares today.
I would not try to trade every market move or guess what happens next month. I would focus on owning businesses that can keep growing earnings, paying dividends, and becoming more valuable over time.
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Warren Buffett buys businesses, not tickers
The first Buffett lesson I would follow is to think like a business owner.
A share is not just a code on a screen. It is a small ownership stake in a real company.
That changes how I look at the market.
Instead of asking whether a share price might rise next week, I would ask whether the company has a strong competitive position, good management, and a long runway for growth.
On the ASX, that could lead investors toward businesses such as Wesfarmers Ltd (ASX: WES), CSL Ltd (ASX: CSL), Commonwealth Bank of Australia (ASX: CBA), or ResMed Inc. (ASX: RMD).
These are very different companies, but I think they all have qualities Buffett would appreciate: strong brands, scale, cash generation, and positions that are difficult for competitors to copy.
Look for durability
The second lesson is durability.
Warren Buffett often talks about wanting businesses that can remain strong for many years. That is important because compounding needs time.
I think this is where investors can make a big mistake. They buy exciting shares, but the business model does not have enough staying power.
For me, the better approach is to look for companies that customers keep using and that competitors struggle to displace.
That could include toll road operator Transurban Group (ASX: TCL), supermarket giant Woolworths Group Ltd (ASX: WOW), or healthcare leaders like CSL and ResMed.
These businesses may not always look cheap, and they will still have difficult periods. But I think their essential nature gives them a better chance of producing solid long-term returns.
Let compounding do the work
The third part of the Buffett approach is patience.
This is where many investors fall short.
If I bought a quality ASX share, I would want to give it time to grow. That means allowing earnings to compound, dividends to build, and management to reinvest for the future.
A business that grows earnings by 8% to 10% a year can become far more valuable over a decade. Add dividends on top, and the total return can be powerful.
This is not guaranteed, of course. Some investments will disappoint.
But I think the overall strategy is sound: buy good businesses, reinvest dividends where possible, and avoid selling just because the share price has a weak year.
Do not overpay blindly
There is another part of Warren Buffett's strategy that I think is important.
Quality is not enough on its own. Price still matters.
Even a great company can be a poor investment if investors pay too much for it.
That is why I would be especially interested in ASX shares where the market has become more cautious. When quality companies fall out of favour, investors may get a better entry point.
This is why beaten-down quality names such as CSL, Cochlear Ltd (ASX: COH), Xero Ltd (ASX: XRO), or WiseTech Global Ltd (ASX: WTC) have become particularly interesting in 2026.
Foolish takeaway
If I had money to invest today, I would follow the Buffett approach: buy quality ASX businesses, focus on the long term, be patient, and pay attention to valuation.
Getting rich from shares usually does not happen quickly. But with the right businesses and enough time, I think the ASX can still be a powerful place to build wealth.
