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Will following Warren Buffett help you get rich in this stock market crash?

Warren Buffett has made a name for himself buying stocks when they’re cheap.

Buffett has a solid track record of buying stocks while they are at bargain prices during previous bear markets. They have then gone on to generate high returns, earning him billions in the process.

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Now could be an excellent time to follow this strategy and buy a diverse range of stocks to hold for the long run.

Warren Buffett’s investing style

Warren Buffett has long believed that the long-term prospects for the stock market are far superior to any other asset.

And he’s been happy to put his money where his mouth is. Over the past seven decades, Buffett has bought stocks when they’re cheap. He’s stayed away when he thinks the market looks expensive.

Now could be the right time for investors to replicate his strategy.

Realistically, stock prices could move lower in the short run. The coronavirus crisis has hammered the economy and investor sentiment.

The spread of coronavirus may likely dictate that further restrictions on movement and travel are necessary. It could be some time before airlines are back at full capacity.

The same can be said for restaurants, bars and clubs. Even if the situation improves, it could be months before the government allows large public gatherings again.

Taking the first step

This suggests that buying stocks right now could a problematic step for any investor to take. Indeed, investors could see paper losses pile up in the near term.

Nevertheless, trying to time the market is something Warren Buffett has always discouraged. He believes it’s impossible to try and pick the bottom of the market as we don’t know when investor sentiment will change.

Instead, he thinks that by focusing on the market’s highest-quality businesses, investors will do well over the long run.

He has always focused on high-quality companies. Buying these businesses when they trade at significant discounts to their intrinsic values has helped maximise his long-term rewards. This is one of the main reasons why he’s earned the title of one of the most successful investors of all time.

Following Buffett

So all in all, following Warren Buffett could help you get rich in this stock market crash. Buying high-quality businesses when they’re trading at a discount to their intrinsic value is always a sound strategy. It makes even more sense in periods of uncertainty.

However, despite the opportunities on offer right now, investors should be prepared to encounter further volatility in the near term. That may mean that if you’re not prepared to deal with this uncertainty, it might be better to sit on the sidelines for the time being.

But if you want to follow Warren Buffett and get rich, now could be the time to start snapping up some high-quality blue-chip stocks at bargain valuations.

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Rupert Hargreaves has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. 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.