Warren Buffett remains a value investor at heart. Sure, he doesn't adhere as strictly to the tenets espoused by his mentor Benjamin Graham as much as he did in his early years. However, Buffett still loves to find bargains.

Unsurprisingly, Berkshire Hathaway (BRK.A 0.48%) (BRK.B 0.44%) owns quite a few stocks with attractive valuations. In fact, a whopping $84 billion of Buffett's Berkshire portfolio is invested in these 10 dirt cheap stocks.

1. Bank of America

Although Buffett isn't as big of a fan of bank stocks now as he's been in the past, he still loves Bank of America (BAC 0.69%). It ranks as the second-largest position in Berkshire's portfolio. The conglomerate's stake in BofA is currently worth a whopping $30.6 billion.

Bank of America's shares trade at a forward earnings multiple of under 9x. This low valuation is due in large part to the banking crisis earlier this year. However, BofA's business remains solid.

2. Chevron

Buffett trimmed Berkshire's position in Chevron (CVX 0.41%) in the third quarter of 2023. However, the oil giant still holds the No. 5 spot in Berkshire's portfolio with a stake of around $15.7 billion.

Chevron's Q3 earnings miss last month caused its shares to sink. The decline, though, made the stock's valuation even more attractive. Chevron's shares currently trade at only 10 times expected earnings.

3. Occidental Petroleum

Occidental Petroleum (OXY 0.60%) is another oil stock high on Buffett's list. Berkshire owns $13.6 billion worth of Oxy shares, enough to make it the conglomerate's sixth-largest holding.

The stock isn't quite as cheap as Chevron, with its forward earnings multiple at a little under 12x. On the other hand, Occidental's stock -- while down a little year to date -- hasn't performed as dismally as Chevron's.

4. Mitsubishi

Mitsubishi (MSBHF -1.55%) is Buffett's largest position among five Japanese trading housings and its ninth-largest position overall. Berkshire's stake in the Japanese conglomerate totals nearly $5.6 billion.

Buffett's longtime business partner Charlie Munger recently stated that investing in Mitsushi and the other four Japanese trading houses was a "no-brainer" decision. Valuation was an important reason why. Mitsubishi's trailing 12-month price-to-earnings ratio is only 10.6x.

5. Itochu

Itochu (ITOCF -5.12%) (ITOCY -0.44%) is another Japanese trading house that's in the top 10 holdings in Buffett's portfolio. Berkshire owns roughly $4.7 billion of the stock.

Like Mitsubishi, Itochu is involved in a wide range of industries. Also like its Japanese peer, its stock is relatively inexpensive with shares trading at around 11.8 times trailing 12-month earnings.

6. Mitsui

We can add another Japanese stock to the list as well. Berkshire owns a $4.5 billion stake in Mitsui (MITSF 0.21%) (MITSY -0.87%), which makes it the 11th-biggest holding overall.

Mitsui appears to be significantly cheaper than Mitsubishi and Itochu. Its trailing price-to-earnings multiple is under 7.9x.

7. HP

Buffett doesn't seem to be all that enamored with HP (HPQ 1.18%) anymore. He sold a big chunk of the technology company's shares in Q3. However, Berkshire still has a $2.8 billion stake in HP.

The stock is also cheap. HP's shares trade at a forward earnings multiple of under 8x.

8. Citigroup

Bank of America isn't the only attractively valued bank stock that Buffett likes. Berkshire owns $2.5 billion of Citigroup (C 1.23%).

As is the case with BofA, Citigroup's stock performance hasn't been great this year. However, its shares have rebounded in recent weeks. Even with the bounce, Citigroup still looks like a bargain with a forward earnings multiple of under 7.4x.

9. Marubeni

Marubeni (MARUF -2.85%) (MARUY -0.41%) is yet another Japanese stock that Buffett has aggressively bought in recent years. Berkshire's stake in the conglomerate stands at nearly $2.2 billion.

Like the other Japanese trading houses in Berkshire's portfolio, Marubeni trades at a discount. Its trailing 12-month price-to-earnings ratio is a little under 8.2x.

10. Sumitomo

Berkshire's cumulative stake in the nine Buffett stocks previously mentioned totals a little over $82 billion. Sumitomo (SSUM.Y -1.66%) brings us to more than $84 billion thanks to Berkshire's ownership of around $2.1 billion of the last Japanese trading house on our list.

Sumitomo is neck-and-neck with Mitsui as the cheapest Japanese stock in Buffett's Berkshire Hathaway portfolio. Its shares also trade at a trailing 12-month P/E of a little under 7.9x.

Best of the bunch?

Several of these stocks appear to be pretty good picks right now. If I could choose only one of them as the best of the bunch, though, it would be Bank of America. I like BofA's valuation, its dividend yield of 3.2%, its underlying business strength, and its long-term growth prospects.