After Warren Buffett shocked the world with his Heinz buyout, investors everywhere are wondering the same thing: What's next? He's made it clear that his elephant gun is still loaded and Berkshire Hathaway still has a lot of cash to sport. 

In the following video, Jeremy Phillips and Austin Smith talk about one company that could fit well into his wheelhouse: Waste Management (NYSE:WM). The company has several typical Buffett traits, including a wide moat, a great dividend, and reliable free cash flow generation. Though Waste Management never appears cheap by traditional metrics, Buffett's leverage could mean a sweeter deal than most retail investors could muster.

Even if the company isn't a buyout target, investors could still do well owning shares of Waste Management outright.

Austin Smith and Jeremy Phillips own shares of Waste Management. The Motley Fool recommends Berkshire Hathaway, H.J. Heinz, and Waste Management and owns shares of Berkshire Hathaway and Waste Management. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.