Warren Buffett is arguably the most famous investor of all time. He is known for building his holding company, Berkshire Hathaway, into one of the world's largest companies. His secret? He buys great companies and keeps them for a long time.

Spirits conglomerate Diageo Plc (NYSE: DEO) is one of Buffett's newer investments; Berkshire bought its shares in the first quarter last year. Interestingly, shares are cheaper now than when Buffett got in. Does that make the stock a bargain you shouldn't ignore, or did Buffett make a mistake?

Not everyone will recognize Diageo's name, but most people of legal drinking age are familiar with its products. The company owns over 200 brands. Its most popular names include Guinness, Johnnie Walker, Tanqueray, Baileys, Smirnoff, Captain Morgan, Crown Royal, and Don Julio.

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Source Fool.com