When markets fall and fear takes over, investors tend to ask the same question: What would Warren Buffett do?

While we can't know for sure what the Oracle of Omaha would do with ASX shares during this market selloff, we can look to his decades of wisdom and actions for clues. And if history is any guide, there's a good chance he wouldn't be panicking — he would be preparing.

What would Warren Buffett do with ASX shares?

Buffett has always made one thing clear: market volatility is not a reason to sell — it is a reason to pay attention. He famously quipped:

Be fearful when others are greedy, and greedy when others are fearful.

It is one of his most quoted lines for a reason. When prices are falling and sentiment is low, Warren Buffett has historically seen that as a buying opportunity. Not to load up on just anything — but to buy high-quality businesses at better prices.

In the context of the ASX, that might mean looking at leading companies with durable competitive advantages (what Buffett calls economic moats), strong balance sheets, and consistent earnings.

Think of businesses like CSL Ltd (ASX: CSL), Macquarie Group Ltd (ASX: MQG), or Wesfarmers Ltd (ASX: WES) — companies that may not be immune to market dips but have the resilience to come out stronger on the other side.

Focus on the long term, not the headlines

Buffett isn't known for jumping in and out of stocks based on short-term news. His approach has always been rooted in long-term thinking — buying businesses he'd be comfortable owning for a decade or more.

Right now, the market is focused on tariffs, geopolitical risk, and inflation. Important factors, of course. But if you're investing with a 10- to 20-year view, temporary market dislocations like these might be the perfect time to buy in — not back out.

Keep it simple and stay invested

Buffett also famously said:

The stock market is designed to transfer money from the Active to the Patient.

In other words, those who stay the course, avoid emotional decisions, and keep investing in great companies are more likely to build wealth.

For ASX investors today, that could mean continuing regular investments, sticking to a well-constructed portfolio, and perhaps taking advantage of discounts in quality shares or ETFs like Vanguard Australian Shares Index ETF (ASX: VAS), Betashares Nasdaq 100 ETF (ASX: NDQ), or VanEck Morningstar Wide Moat ETF (ASX: MOAT).

Foolish takeaway

Warren Buffett has never claimed to predict markets. But what he has shown, time and time again, is that staying calm during selloffs and backing great businesses through thick and thin is one of the most powerful strategies an investor can follow.