For as long as I can remember, the investment maxim that most evokes a mix of adulation and performance anxiety is “Invest­ like Warren Buffett.”

How can mere mortals emulate a deity? In truth, most of us will never come close to “the oracle of Omaha.” He’s done all the things a stellar investor should do: He buys when there’s blood in the street, finds solid companies at great prices, and keeps them forever. Lacking Buffett’s phenomenal verve and mettle, though, most of us won’t do this. But that doesn’t mean we’re doomed.