Investment guru Warren Buffett and his Berkshire Hathaway (NYSE: BRK.A) partner Charlie Munger are known for buying good companies at fair prices. Exchange traded fund investors can also mimic the investment philosophy through strategies that target companies with wide economic moats or sustainable competitive advantages.

Specifically, Munger and Buffett consider every aspect of a business when picking an investment, evaluating the management and capital-allocation decision making process, according to Morningstar.

The two analyze a business’ competitive advantages to weed out the few businesses that have endured for multiple generations. Other factors include company’s operating and regulatory environment, the impact on it from changes in technology, hidden exposures, and the current and future impacts of stock options, pension plans, and retiree medical benefits. Lastly, the business’ underlying value is calculated.

Investors who want to capture a group of companies that Munger and Buffett would be invest in can look to broad ETFs covering strategies with staying power.

For instance, the iShares Transportation Average ETF (NYSEArca: IYT) tracks a group of U.S. transportation stocks. Munger and Buffett have heavily invested into railroad companies, which make up 23.4% of IYT’s underlying holdings, as a long-term bet on the economy.

Moreover, the ETF includes a 29.7% tilt toward air freight & logistics and 18.8% in trucking, which also rely on macroeconomic conditions.

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