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While investors as a rule should rely mostly on their due diligence before making decisions, certain experts may help improve the probabilities of success, thus bolstering the case for cheap Warren Buffett stocks. Known as the Oracle of Omaha, Buffett represents a living legend, providing a wealth of great ideas amid troubling times.

Fundamentally, what investors will appreciate about cheap Warren Buffett stocks is the man behind the concept. Unlike self-anointed experts on YouTube, Buffett knows what he's talking about. Though modern society eschews experience over the brashness of youth, Buffett has experienced the full spectrum of market dynamics. Isn't that a better source of information than some random person with a webcam?

As well, interest rises for cheap Warren Buffett stocks because not all ideas that the Oracle has in his portfolio via the conglomerate Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B) are priced at a premium. Instead, these market ideas received the Oracle's blessing and are undervalued relative to financial and/or fundamental metrics.

Chevron (CVX)

For most investors, 2022 started off in possibly the worst way imaginable. After benefitting from unprecedented monetary and fiscal stimuli, the consumer economy received a harsh reality check via blistering inflation. Shortly thereafter, Russia invaded Ukraine, causing severe consequences for the energy market. Cynically, though, this narrative bolstered Chevron (NYSE:CVX), one of the world's biggest oil companies.

True, CVX is now up 35% on a year-to-date (YTD) basis, far above the major equity indices. Of course, the indices are down double digits below parity. Nevertheless, CVX went nowhere in the trailing six months, actually shedding 3.8% of its market value. From this pricing perspective as well as the financial angle, CVX represents one of the best cheap Warren Buffett stocks.

According to investment resource and analytics tool Gurufocus.com, CVX rates as modestly undervalued. Though its longer-term revenue growth rate is starting to recover from the coronavirus pandemic impact, Chevron maintained decent profitability metrics. Just as importantly, it features significant strengths in the balance sheet, such as an equity-to-asset ratio of 0.6 times that stands superior to 65% of its peers.

Coca-Cola (KO)

If you follow the Oracle's work, you'll know that he has a sweet tooth. Apparently, the man is unapologetic about his junk food addiction. Under this context, it's not surprising that Coca-Cola (NYSE:KO) stands among the best cheap Warren Buffett stocks to buy. If you think about it, investors should really celebrate this discount.

Since the start of the year, KO stock has dipped 5%. Although this performance rates far higher than the benchmark equities index, KO really should be in positive territory. Fundamentally, the underlying iconic brand enjoys a viable (albeit cynical) narrative. During times of trouble, people look for an escape. Sugary sodas stimulate pleasure centers in the brain, offering that escapism for consumers.

With a possible recession on the horizon, demand for pick-me-ups could rise significantly. If so, that makes KO one of the cheap Warren Buffett stocks to buy.

Currently, Gurufocus.com labels Coca-Cola modestly undervalued. While it has decent growth and balance sheet stability, the highlight here is profitability. For instance, its operating margin of 29% ranks better than 95% of competitors in the underlying industry.

American Express (AXP)

At first glance, the idea of having American Express (NYSE:AXP) listed as one of the cheap Warren Buffett stocks to buy may arouse confusion. While AXP might be cheap, there's also a reason for it. Myriad signs point to a weakening of the consumer economy. Therefore, with discretionary spending likely to fade, AXP seems risky.

Indeed, shares have fallen 12% since the start of this year. Further, if the Federal Reserve maintains its hawkish monetary policy, the dollar's purchasing power could rise. Actually, that's exactly what we saw between June and July. Such deflationary forces incentivize both investors and consumers to sit on cash, which wouldn't necessarily be helpful for AXP.

However, American Express cardholders generally tend to be more affluent on average. Thus, it could ride certain deflationary challenges. As well, Gurufocus.com labels AXP as modestly undervalued. AXP features a return on equity of 31.7%, ranked better than almost 95% of the credit services industry. Thus, it makes for an interesting case for cheap Warren Buffett stocks to buy.

Kroger (KR)

As you'll see in a moment, Kroger (NYSE:KR) certainly doesn't qualify for the cheapest among cheap Warren Buffett stocks. However, it could be the most relevant out of all the Oracle's market ideas. I don't think KR will make you rich. But if the U.S. economy stinks up the field like some analysts believe, you'll want Kroger in your portfolio.

Fundamentally, Kroger ties into indelible demand. The grocer enjoys inelastic demand at the baseline. While economic dynamics will almost always impact consumer demand, humans obviously need to eat. Therefore, circumstances will need to be extremely dire before this sales threshold will fall meaningfully. Outside of an apocalyptic scenario, then, KR should be one of the best cheap Warren Buffett stocks to buy.

According to Gurufocus.com, KR is fairly valued. I can see it being more on the undervalued side because the company features excellent growth metrics and strong profitability indicators. In addition, Kroger features a forward yield of 2.33%, above the consumer staples' average of 1.9%.

General Motors (GM)

On paper, I can understand why some folks would look at General Motors (NYSE:GM) as one of the cheap Warren Buffett stocks but for a reason. Recently, Fortune published an article noting that certain analysts believe the housing market could see the second-biggest home price decline since the Great Depression. If so, buying a new car seems a risky proposition because of downwind consequences.

However, it's also fair to point out that vehicles represent more of a necessity than real estate. Sure, it's nice to own your home, but you can always rent. But financially, owning a car pays dividends in places like California where public transportation networks remain inadequate.

Moreover, the average age of vehicles on U.S. roadways increased to a record 12.2 years. Under such a framework, it's better to buy a new car than constantly repair a money pit.

Gurufocus.com rates GM stock as modestly undervalued. Although its growth rate could use improvement, the automaker enjoys decent profitability metrics. Notably, it features a forward price-earnings (P/E) ratio of 5.6 times, whereas the industry median is 8.4 times.

HP (HPQ)

For the final two ideas for cheap Warren Buffett stocks to buy, I'm going to enter the relatively speculative arena, beginning with HP (NYSE:HPQ). Under its current form, HP specializes in personal computers, printers and related supplies. It also features a 3D-printing solutions business. Still, I'm sure critics get hung up on the PC component, which is understandable.

Since the start of the year, HPQ stock has given up 30% of its market value. For years, many tech pundits argued that PCs — particularly the desktop variety — are dead. Even in the laptop department, HP competes against several low-cost leaders. Therefore, circumstances appear troubling.

Still, one major positive could stem from the gig economy. As more people choose to branch out on their own, demand for PCs — all kinds — could rise.

Financially, Gurufocus.com labels HPQ modestly undervalued. Notably, despite the criticisms, HP features strong growth metrics as well as robust profitability indicators.

RH (RH)

If I may be honest, I'm not entirely sure why Berkshire owns RH (NYSE:RH). An upscale home furnishings company, RH made plenty of sense last year. With people outbidding each other for homes like no one's business, company shares veritably skyrocketed. Since then, however, it's been an ugly ride. Compared to the beginning of this year, RH stock fell nearly 51%.

Stacked against other cheap Warren Buffett stocks, RH seems an anomaly. Perhaps Berkshire will give it the boot. If not, it's possible that the Oracle is taking his own advice: never bet against America. Does this include (arguably) overvalued American real estate? I suppose we'll find out soon enough.

If you're a numbers person, RH presents intriguing figures. For instance, its three-year revenue growth rate stands at 8.6%, better than 68% of its peers. RH's net margin pings 17%, superior to almost 94% of the industry.

That said, Gurufocus.com labels RH as a possible value trap. Watch this one closely and carefully.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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