Many investors agree that Warren Buffett went from a good investor to a great one when he opted to buy great companies at fair prices, instead of fair companies at great prices. 

One stock that fits this bill perfectly is McDonald's. The company is a true cash-generation machine, but it has come down from its loftly levels recently to an extremely fair price. It also has a dominant position in every market it operates in -- spare maybe China -- and has one of the most recognized brands in the world. With a price-to-earnings ratio of 16.7, a dividend of 3.2%, and a model that ensures a healthy cash flow each and every year, it's a perfect Buffett stock hiding in plain sight.

Having that sort of brand strength is an incredible asset, and it's just one of the many reasons we named McDonald's one of the 3 American Companies Set to Dominate the World. Click here to read about the two other global dynamos that could make you rich with their emerging-market growth.