Jeremy Phillips, Motley Fool Chief Technology Officer, asks Austin Smith, Motley Fool Financial Analyst, whether Warren Buffett can continue to find creative investments.

Smith states that Buffett's best investments often aren't micro-cap 30-baggers, and goes on to discuss three all-American, plain-vanilla positions that have made Buffett a billionaire: Coca-Cola (NYSE:KO) ($15.6 billion position that generates $450 million in annual dividends); Wells Fargo (NYSE:WFC) ($16 billion position); and Procter & Gamble (NYSE:PG) ($4 billion position). Buying these stocks isn't rocket science. These companies aren't hidden gems; everyone knows they are great capital allocators with awesome brands.

Having identified early on that these companies can deploy cash at a high rate of return, Buffett has happily held shares in Coca-Cola, Wells Fargo, and Procter & Gamble for 10-20 years. In fact, he's been a Coke shareholder since the late '80s!

In short, Smith's point is that "you don't have to go digging in the weeds [or go] to fast-growing emerging economies" to get a great deal. Instead, like Buffett, you can find plenty of attractive blue-chip investments right here in the U.S.

Austin Smith owns shares of Coca-Cola and Wells Fargo. Jeremy Phillips has no position in any stocks mentioned. The Motley Fool recommends Berkshire Hathaway, Coca-Cola, Procter & Gamble, and Wells Fargo. The Motley Fool owns shares of Berkshire Hathaway and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.