Warren Buffett is considered one of the best investors of all time, and for good reason. A $1,000 investment in his company, Berkshire Hathaway, in 1965 would have grown to be worth $36 million at the end of 2021.  

Given Buffett's phenomenal record of picking the right stocks, it would be smart to consider adding a few Buffett-approved stocks to your portfolio during the market downturn. Here's why three Motley Fool contributors believe Amazon (AMZN -2.37%), Coca-Cola (KO 0.43%), and RH (RH 8.81%) look attractive right now.

Winners keep on winning

Jennifer Saibil (Amazon): That's one of Warren Buffett's old and loved adages, and Amazon has demonstrated it soundly for years.

After skyrocketing pandemic growth, Amazon has come under pressure this year. It's almost a perfect storm of challenges, which include facing tough year-over-year comparisons, a strained economy, and cutting down on a large infrastructure it no longer needs.

Amazon posted two quarters of net losses in 2022, and it provided weak guidance for the 2022 fourth quarter. All this has resulted in depressed investor confidence, and Amazon stock is down almost 50% as we near the end of the year.

But there's hope for the future, and things could turn around already in 2023. For one thing, the difficult comparisons won't exist next year. As it lays off workers and has already closed distribution centers and cut other costs, it will be past the elevated costs of holding assets it doesn't need.

As for the economy next year, that's up in the air at this point. But it seems that the worst of the rising interest rates may indeed be behind us, and inflation is already leveling off. 

That means Amazon is well-positioned to post better results in 2023, and its stock could really take off. It's the top name in e-commerce by far, and it's still improving its delivery services and increasing its customer count for Prime.

Then there's Amazon Web Services (AWS), which is still highly profitable. Sales growth for this segment slightly decelerated recently, but as the economy improves, it should get right back up to speed. 

Finally, there's everything else that Amazon's doing, such as developing a new healthcare product through its acquisition of One Medical. The future is brimming with opportunity for Amazon, and its stock could zoom up in 2023.

A rock-solid dividend stock

John Ballard (Coca-Cola): Coca-Cola stock has lived up to its reputation as a top defensive holding this year. The shares returned 7.5%, significantly outperforming the 19% drop in the S&P 500 index. Coca-Cola has been one of Warren Buffett's top holdings for more than 30 years, and it remains a good stock to consider heading into 2023.

Coke has just about everything investors could want in a core holding right now. Its brand power has allowed the company to raise prices to keep up with inflation without sacrificing sales volume. For example, in the third quarter, revenue increased 10% year over year, driven by a 12% increase in selling prices and a 4% increase in unit case volume. 

Moreover, the company is generating tremendous free cash flow that is fueling reinvestments across its beverage portfolio, in addition to dividend payments to shareholders. Coke generated $10 billion in free cash flow on $42 billion in revenue over the last four quarters. It paid out 57% in dividends, bringing the yield to an above-average 2.77%. 

With pricing power and a generous dividend yield, the stock should continue to outperform the broader market in this volatile market. Long term, Coca-Cola's opportunities to gain market share in a growing beverage industry should deliver satisfactory returns to shareholders. 

A dark-horse luxury stock

Jeremy Bowman (RH): On the surface, RH doesn't seem like the typical Warren Buffett stock.

As a consumer and an investor, Buffett typically favors everyman, mass-market brands like Coca-Cola and Dairy Queen while steering away from the luxury segment, which includes high-end home furnishings stocks like RH, formerly known as Restoration Hardware.   

However, a closer look shows why RH has caught the eye of Buffett and Berkshire Hathaway. In fact, Berkshire even added to its holdings of RH in the most recent quarter. 

The most important quality Buffett looks for in a stock is an economic moat or a sustainable competitive advantage, and RH has proven its moat time and again. The company successfully pivoted to a membership model, getting its base of loyal customers to pay $175 a year for 20% to 25% discounts on merchandise.

That's given the company both a new revenue stream and a base of loyal customers that will help it launch new products like chartered jets and yachts, restaurants and hotels, and a streaming service devoted to architecture and design -- all part of its long-term strategy of expanding the brand beyond furniture.

That strategy gives the company significant growth potential, but the core business has its own advantages. For example, RH regularly generates operating margins of 20% or more, much better than the typical home furnishings company and demonstrating its pricing power and the strength of its luxury brand

Buffett would also approve of the stock's price today as RH trades at a price-to-earnings valuation of just 10, making it surprisingly cheap for a growth stock.

While CEO Gary Friedman has said that the macroeconomic environment will get worse before it gets better, RH still looks poised for long-term growth and has demonstrated the ability of its brand to deliver superior profits. If its new businesses gain traction, the stock could skyrocket from here.