I’d follow Warren Buffett’s advice and buy the best cheap UK shares to make a million

first_img Matthew Dumigan has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. “This Stock Could Be Like Buying Amazon in 1997” Enter Your Email Address I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. See all posts by Matthew Dumigan After the sharp rally in global stocks that took place in the aftermath of the March sell-off, many shares appear to be pulling back on recent gains. On top of this, gloomy economic data paints a less than favourable picture for the world economy, which may continue to take its toll on equities. So, is now really a good time to buy cheap UK shares in order to build wealth over the long term?Warren Buffett’s adviceDespite rising US-China tensions, a weak economic outlook and the prospect of a second wave of infections, I think it could truly be an ideal time to invest in the stock market. As absurd as that may sound, investing during uncertain conditions can often lead to attractive returns down the line.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…This notion is encapsulated by Warren Buffett’s advice to investors — be greedy when others are fearful. The investing genius has a reputation for piling cash into the stock market when others are running scared. His reasoning is simple, it enables him to buy shares in quality businesses while they’re cheap. As a result of his long-term strategy and calm temperament regardless of the prevailing market conditions, Buffett has made billions.As such, I’d still buy cheap shares in quality companies today. Whether they rocket or plummet in the short term is largely irrelevant. Why? Because over the long term, the market has always risen as economic conditions improve.Cheap UK sharesWhen on the outlook for the right companies to invest in, I would avoid buying shares simply because they’re cheap. This can be a fatal mistake, especially if the company’s share price has much further to fall. To eliminate the chances of this happening, it’s important to focus on the quality of the underlying business.To do this, I’d recommend keeping an eye out for companies displaying business resilience despite the unfavourable trading conditions. More often than not, such companies tend to generate strong cash flows and sell goods and services that are valued by consumers regardless of economic circumstances. This means that they’re better positioned to ride out the temporary market downswings.Make a millionOnce you’ve bought a handful of diversified shares in good-quality companies, it’s time to let the wonders of compounding returns take over. To illustrate, let’s say you achieved an annual return of 8% on a monthly investment of £500. After 35 years, your pot would be worth £1,078,202!With that in mind, I’d follow Warren Buffett’s advice and load up on shares while they’re still cheap. You never know, they may not stay cheap for much longer. In any case, if they fall further and the stock market crashes again, I’d see it as another opportunity to buy at a discount and hold for the long term. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. I’d follow Warren Buffett’s advice and buy the best cheap UK shares to make a millioncenter_img Our 6 ‘Best Buys Now’ Shares Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Image source: The Motley Fool Simply click below to discover how you can take advantage of this. Matthew Dumigan | Monday, 3rd August, 2020 I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement.last_img read more