At the helm of Berkshire Hathaway, Chairman Warren Buffett is known for his long track record of success. He and his team have generated a compounded annual gain of more than 19% over 57 years, well outperforming the S&P 500.

The index has delivered a compounded increase of 9.9% over that same time period. So that's why investors everywhere look to Buffett for advice.

Following the billionaire's every step may not be the best option because each of us has a unique set of investment goals and an investment style that suits our comfort with risk. And we may have a particular interest in a field that doesn't show up in Buffett's portfolio -- for example, biotech. All of that aside, though, certain Buffett favorites fit well in any portfolio -- and could boost your returns over time as they've done for the famous investor.

In many cases, you don't even need a fortune to get in on these players. Let's check out two Buffett favorites to buy with just $300 right now.

1. Coca-Cola

"Always Coca-Cola" was once Coca-Cola's (KO -0.02%) slogan, but it also could describe Buffett's strategy concerning this particular stock. He bought it back in the late 1980s and hasn't let go -- and for good reason. Coca-Cola is a Dividend King, meaning it has recorded more than 50 straight years of dividend growth.

Owning Coca-Cola not only offers you the opportunity to benefit from gains in the stock, but the company also pays you more and more passive income every year. Considering Coca-Cola's dividend track record, it's clear that rewarding shareholders is important to the beverage giant. That gives us reason to be optimistic about growth to come.

Coca-Cola also makes a great investment due to its steady growth in earnings -- even during difficult times, such as now. The company's brand strength and solid distribution network serve as a moat, or competitive advantage -- something Buffett likes, and you should, too.

As a result, when costs increase, Coca-Cola can raise its prices to compensate, and most customers will stick with the brand. It's shown it could do this in recent times.

Considering all of this, Coca-Cola looks pretty cheap at only 21x forward earnings estimates. And with shares trading for less than $60, you can easily pick up a few for $300.

2. Apple

Apple (AAPL 3.03%) is another company that Buffett likely loves for its moat, and this feature also allows the tech giant to achieve pricing power. The company can charge high prices for its products like the iPhone or Apple Watch, and fans will buy them, even if they have to wait and save up. This ensures strength in product revenue.

But Apple has another growth driver up its sleeve, and that's services, from digital content to iCloud storage. The great thing about services is they represent recurrent revenue and, even better, are high margin.

In the most recent quarter, Apple said services gross profit margin topped 70% -- that's compared to a 36% margin for hardware. So services is an area where Apple can generate even stronger profitability. And there's even more good news: In this quarter, services revenue reached an all-time high, suggesting there's a lot of room for growth.

You also can count on Apple for continued innovation, and the company could be a major player heading into the holiday season. Apple recently said it's prepared with its strongest ever portfolio of products -- with the iPhone 15 and the company's first carbon neutral Apple Watches.

Today, Apple trades for 28x forward earnings estimates, which is dirt cheap considering the company's gigantic moat and overall strength. You can pick up a share for less than $190. Even just a small purchase of this Buffett favorite with your $300 could go a long way over time.