Strong portfolio performance and aggressive share buybacks have helped push Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) stock up roughly 25% across 2021's trading. The company's valuation is now up roughly 2,300,000% since Warren Buffett assumed leadership of the company in 1965.

With the stock market recently hitting new highs, it could be a great time to take some cues from the famously successful value investor. Read on for a look at two stocks -- backed by The Oracle of Omaha -- that are worth adding to your portfolio right now.

Warren Buffett.

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1. Berkshire Hathaway

If you want to invest like Buffett, there's no better vehicle for accomplishing that than buying Berkshire Hathaway stock. Berkshire shares provide investors with exposure to a wide range of more than 40 stocks (and two exchange-traded funds) across different industries, including Apple, Bank of America, American Express, and Coca-Cola. Investors also get exposure to the company's fully owned positions and stakes in insurance, utility, railroad, and manufacturing businesses.

Berkshire's recent third-quarter report indicated that the company was once again a net seller of stocks. However, there was at least one big stock that Berkshire Hathaway bet very big on -- its own.

Berkshire bought back $7.6 billion of its own stock in Q3, bringing its total buybacks across the first three quarters of the year to $20.2 billion and making it the company's biggest investment buy far across this year's trading. This likely indicates that Buffett is having difficulty finding great deals in other stocks and generally views the market as expensive. It also shows he thinks that buying his company's shares back is one of the best capital allocation opportunities at his disposal right now.

Buffett, vice chairman Charlie Munger, and the rest of the Berkshire portfolio management team have proven incredibly adept at identifying great value stocks with huge long-term potential. While the company's recent stock moves signal that they're taking a cautious approach to the market, the good news for Berkshire Hathaway investors is that the company has kept plenty of powder dry for when great deals begin to emerge.

The company is holding nearly $150 billion in cash, and buying Berkshire stock offers a way to have one of the investing world's most legendary management teams on your side as attractive buying opportunities pop up.

2. Verizon Communications

While the S&P 500 has marched roughly 25% higher across 2021's trading, there are still some promising value plays on the table. Verizon Communications' (NYSE:VZ) stock price is now down roughly 11% across the stretch, and investors have the opportunity to build a position in the telecom leader, at prices that beat what Buffett got.

Outside of buying back its own stock, the telecom was Berkshire Hathaway's biggest stock purchase last year. It's not hard to see why Buffett is bullish on Verizon.

The company's business has held up well during the pandemic era, and there's a good chance that it will be able to continue weathering economic volatility and take advantage of new growth cycles. Communication services, and mobile wireless, in particular, will only become increasingly central to business and everyday life, and Verizon boasts the nation's top-rated and most-used network. While the company's big investment in 5G is currently pressuring earnings, it should open up new opportunities in both the consumer and enterprise markets.

Verizon stock now boasts a 4.8% dividend yield and is valued at less than 10 times this year's expected earnings. Even better, investors can look forward to more payout growth down the line. Verizon recently raised its payout for the 15th straight year, and the business's excellent free cash flow generation puts it in a good position to continue increasing the cash that it returns to shareholders.

If you're concerned that the overall market has gotten a bit pricy or are otherwise just looking for a great value stock that pays a big dividend, Verizon is trading at low earnings multiples and has a great returned-income profile.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.