If you ask most Americans, whether they personally invest or not, to name a famous investor, they'd likely name Warren Buffett -- and for good reason. The Oracle of Omaha has seen unprecedented success in the stock market, and thanks to his company, Berkshire Hathaway, many investors have become millionaires by simply coming along for the ride.

Aside from the billions Buffett has made from investing, one of the most impressive things about his success is how simple his investing strategy is. Buffett's philosophies can always be applied, but they can be even more relevant during bear markets.

It's all about finding value

There are two values associated with a stock: its stock price and its intrinsic value. A stock's price tells you how much investors are willing to pay for it, but a stock's intrinsic value is how much it's really worth (usually found using different financial metrics).

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The goal of value investing is to find stocks that the stock market has underpriced. For example, if a stock is trading at $200, but an investor believes the intrinsic value is $240, they'd invest, hoping to, at minimum, profit from the 20% increase once the market realizes its true value. 

If there were a poster child for value investing, it'd undoubtedly be Buffett, and if there is ever a time to implement his strategy, bear markets are it. During bear markets when prices drop, investors can find many great companies at a "discount" or whose stock price may have overcorrected. 

Take American Express (AXP -0.49%) during the early to mid-2020 bear market, for instance, when it saw its stock price drop by over 40% from February to April. Amex's intrinsic value was well above the mid-$70 range it was trading at, and investors who took advantage have made well over 80% returns since April 2020 -- even while being down over 17% year to date (as of Oct. 11).

Now's the time to be greedy

One of Buffett's most famous quotes is, "Be fearful when others are greedy, and greedy when others are fearful." Bear markets are generally a sign that investors are fearful because the falling prices are caused by sell-offs and drops in demand. So, instead of following suit and slowing down or completely stopping investing, it could be time to get greedy and ramp it up for those with the financial means.

As a long-term investor, one of the best things you can understand is that bear markets are inevitable and even necessary. Understanding this helps you stay focused on the end goal and avoid making short-term decisions that go against your long-term interest (like stopping investing).

Since January 2000, the S&P 500 has returned over 145%, yet during that span, it's had negative returns in seven of those years (including 2022 so far). Down years happen. If your goal is to invest to secure a financially comfortable retirement, it doesn't matter if your portfolio fluctuates monthly or yearly, as long as you've made solid returns over time.

While others are fearful, you can be greedy and use this chance to lower your cost basis, which is the average per-share price you've paid for a stock. Your cost basis ultimately decides how much you profit or lose when you sell a stock, so the lower, the better. Grabbing stocks at a discount and lowering your cost basis now can pay off enormously in retirement.

Stay the course

More than anything, the one piece of wisdom investors can use from Buffett to navigate the bear market is to always stay the course. When you buy a stock, you should do so knowing there'll be bumps along the road. Buffett once said, "If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes." Many of your favorite stocks are likely experiencing a rough 2022, but that doesn't mean you should jump ship.

Trust in your long-term vision and use this time to your advantage. Your future self will be thankful you did.