Jeremy Phillips asks Austin Smith to outline Smith's "Warren Buffett Roadmap." Smith begins by saying that he'll only invest in companies for which the window of buying opportunity is short. This strategy forces him to buy companies that he'll be happy holding for the long run. These tend to be companies with pricing power.

Above all, Smith says that brands matter. They allow companies to pass on price increases in good times and bad. Companies such as Coca-Cola (NYSE:KO), Philip Morris (NYSE:MO), and Unilever (NYSE:UL) have this ability.

If you follow this rule, you'll identify the best-performing stock of the last 50 years. The company? Altria (NYSE:PM), which boasts a chart that's basically linear. Altria's products haven't changed much, but their brands have remained solid. Needless to say, the company has phenomenal pricing power.

Are you looking for the next Altria? Do you have the patience to hold a stock for 50 years?

Austin Smith owns shares of Unilever, Coca-Cola, and Philip Morris International. Jeremy Phillips has no position in any stocks mentioned. The Motley Fool recommends Coca-Cola and Unilever. The Motley Fool owns shares of Philip Morris International. 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.