I’d follow Warren Buffett’s advice to buy the best UK shares right now
I’d follow Warren Buffett’s advice to buy the best UK shares right now jonathansmith1 has no position in any of the shares mentioned. The Motley Fool UK has recommended Ocado Group and Rightmove. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Image source: The Motley Fool Enter Your Email Address “This Stock Could Be Like Buying Amazon in 1997” Warren Buffett is known as one of the most successful investors in the world. One of the reasons why he’s well respected is because of his performance over a long period. Buffett is currently 90 years old, but still has his finger on the pulse of financial markets. Over the decades, he’s provided a lot of advice for investors like myself to pick up on. I want to try and use this when looking for the best UK shares to buy right now.A contrarian investment approachBack in 2008, Warren Buffett was quoted as saying that “a simple rule dictates my buying: be fearful when others are greedy, and be greedy when others are fearful”. This can be termed as a contrarian approach to investing. When other investors are greedy and the stock markets are high, Buffett would be fearful. 5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…On the flipside, during times when the stock market is falling (think about when Buffett made the comment in 2008), it can be a time to buy. The thinking here is that stocks may be oversold during fearful times. In this way, the true value of the stock might differ from the share price during a period of high stress. In this way, a contrarian approach of buying undervalued stocks when others are selling could offer me a profitable long-term investment strategy. Over time, I would expect the share price of the UK share I bought to return to a fair value. In this way, it should generate me a profit.Finding the best UK shares to buy nowAt the moment, I can apply this advice when looking for the best UK shares to buy now. For example, investors have piled in to popular stocks during lockdown, such as Ocado Group. I’d be cautious about rating this as the best UK share to buy now. I appreciate that concerns around the Indian variant of Covid-19 are high, but I think that we’ve had the last full lockdown in the UK. So instead of being greedy and buying this stock, I think there are better opportunities elsewhere.At a broader market level, I’d be using the dips we’re seeing in the FTSE 100 to buy. Last week there was a couple of days when investors were fearful and the index sold off. Some of the stocks within the index fell more than I think was fair.For example, Rightmove shares fell 5% in two days. I wouldn’t be fearful here, and would mark it as one of my best UK shares to buy now. This looks beyond the fear last week, and more towards the outlook for the property sector this year and next year.I could make mistakes, of course. But overall, I think that trying to be more contrarian in nature and looking past short-term moves should help me to be more profitable with the UK shares I’m thinking of buying. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! 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