If you're looking for new investment ideas, look no further. Why not follow famed investor Warren Buffett into some stocks? After all, Berkshire Hathaway (BRK.A 0.71%) (BRK.B 0.94%) stock has more than doubled the S&P 500's annualized return since 1965. And Buffett and his two lieutenants haven't lost their touch. The stock has nearly doubled the S&P 500's return in the last 10 years, and its 114% return in the past five years is well ahead of the S&P 500's 91% gain during this same period.

Warren Buffett. Image source: The Motley Fool.

Looking to Buffett's Berkshire for some ideas, here are two stocks that the Oracle of Omaha's company has positions in that are looking tasty this month.

Apple... again

I already praised Apple (AAPL -1.20%) as a buying opportunity in July, but this bargain stock is worth taking a look at again. Why not? Apparently, Berkshire is pretty bullish on the company. It was revealed earlier this month that Berkshire upped its stake in Apple by 55% during Q2, bringing the total value of its Apple stock to about $1.7 billion at the time of this writing. With a position this large, Berkshire's Apple position is now worth more than its $1.6 billion position in General Motors.

Given Berkshire's tendency to avoid technology stocks, Buffett or his investing lieutenants must be confident the stock is undervalued in order to build a position worth nearly $2 billion in such a short period of time. Of course, it doesn't take a genius to realize Apple's price-to-earnings ratio of under 13 does look a bit like a buying opportunity; it's not very often market leaders trade with valuations this conservative.

Coca-Cola

Another Berkshire holding worth looking at this month is Coca-Cola (KO 1.27%). Sure, Berkshire didn't add to its position in the beverage company in Q2. But Berkshire doesn't need to add to this position to express its confidence in this investment. The company owns $17.6 billion worth of Coca-Cola, making it Berkshire's third-largest holding after Kraft Heinz and Wells Fargo.

With a price-to-earnings ratio of 25, the stock certainly doesn't look as cheap as Apple. But when it comes to a sustainable business, Coca-Cola is one of the best examples there is. So investors shouldn't expect Coca-Cola to trade at a cheap-looking valuation any time soon. Combining its powerful beverage brands with the company's unparalleled global distribution, Coca-Cola boasts both pricing power and economies of scale -- a formidable combination, making up a strong competitive advantage.

As Buffett says, "In business, I look for economic castles protected by unbreachable moats." Coca-Cola is one of these castles.

Thanks to Coca-Cola's consistent ability to drive decades of healthy profits for shareholders, it has a nice dividend, too. Investors who buy today get a dividend yield of 3.2% (this easily beats Apple's dividend yield of 2.1%) and the comfort of knowing future increases are likely: Coca-Cola has increased its dividend for 53 years straight.

Apple and Coca-Cola are both great long-term, low-risk investments for investors -- typical characteristics of Buffett investments. If not worth buying, they're at least worthy of a spot on your watch list.