If there is one person any investor can look to as the shining example of where successful investing can get you, it has to be the greatest of all time, Warren Buffett himself. It is true he has had a long-standing reputation for preferring investing in the U.S. instead of international markets. However, it does not mean Buffett never dipped his feet in the Toronto Stock Exchange (TSX).

The legendary value investor used to have positions in a few Canadian stocks. While he no longer owns shares of these stocks, they are smart buys to consider. Today, we will take a closer look at the two stocks.

Suncor Energy

Suncor Energy (TSX:SU) is a giant in the Canadian energy sector. The $56.61 billion market capitalization Canadian energy stock first became a part of Warren Buffett’s portfolio in 2013. He went on to increase his holdings through eight transactions over the next seven years. In the first quarter of fiscal 2021, his conglomerate sold off his remaining Suncor shares amid the pandemic.

After a substantial rough period, Suncor has made its way back to investor radars. The energy company also works with Petro Canada, giving it exposure to the electric vehicle (EV) space. That said, the integrated energy company’s operations with traditional fossil fuels will continue generating strong cash flows to meet growing demand.

Besides entering the EV space through the fuel retailer, Suncor is adapting to a greener future by investing in renewable energy assets.

As of this writing, Suncor stock trades for $43.10 per share, boasting a 4.83% annualized dividend yield. Down by 14.43.% from its 52-week high, Suncor stock can be a good value stock to hold in your portfolio.

Barrick Gold

Investing in Barrick Gold (TSX:ABX) stock seems like the only way Warren Buffett would ever want to gain exposure to the rare yellow metal.

Despite his dislike of gold as a safe-haven asset without intrinsic practical value, the metals and mining stock became a part of Warren Buffett’s portfolio a few years ago. Barrick Gold is a $37.55 billion market capitalization tier-one gold producer, one of the largest worldwide.

While it also produces significant quantities of copper, gold is its primary bread and butter. Its recent-most quarter saw Barrick Gold deliver lower top- and bottom-line figures. Its sales declined by 0.9% in the June 2023-ending quarter, reporting a 35.7% drop in its net income compared to the same period last year.

The second-quarter 2023 earnings report might have been disappointing. However, the output growth in several mining operations is expected to deliver a substantial boost to its performance in the coming weeks, months, and years.

As one of the most promising names in the gold mining industry, it trades at $21.33 per share at writing. Down by 24.33% from its 52-week high, it can be a good addition to your portfolio today.

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Foolish takeaway

While it was surprising to see Warren Buffett offload all his investments in high-profile Canadian stocks, the companies have impressed. Through resiliency since and beyond the pandemic, Suncor Energy stock and Barrick Gold stock have proven to be rock-solid investments. Trading at significant discounts from all-time highs, these can be excellent additions to your self-directed portfolio at current levels.