(FORTUNE Magazine) – I had an interesting chat the other day with Robert Hagstrom, who runs a mutual fund that invests "the Warren Buffett way." That's the title of Hagstrom's book on the subject. Lately he's found six companies that qualify as Buffett-type investments, and each one is popular with good ol' boys. They cater to the favorite redneck amusements: Brown-Forman (Jack Daniel's), Harley-Davidson (Harleys), Gaylord Entertainment (Grand Ole Opry, Opryland, country-music television), International Speedway (Daytona 500, Mountain Dew 500), Sturm Ruger (handguns), and U.S. Tobacco (smokes, chew).

According to his biographer, Warren Buffett's favorite amusements are bridge, books, dry wit, and Cherry Cokes. It takes imagination to place the Great Compounder at a biker bar, a pit stop, a pistol range, or in front of a TV watching Hank Williams Jr. on the Gaylord Nashville network. Maybe that's why Buffett has overlooked these Buffett-type stocks to this point. As far as we know, except for the chew (U.S. Tobacco), he hasn't owned any of them.

It's Hagstrom who bought Brown-Forman, Gaylord, Harley, and International Speedway for his Buffettized mutual fund. (He says he would have bought the U.S. Tobacco and the Sturm Ruger as well, but he couldn't sleep at night knowing there was nicotine and handguns in the portfolio.) In these six companies, he finds everything Buffett likes. They're in dynamic industries--sports, smoking, drinking, and music. They've got top brand names (Harley, Jack Daniel's) or a powerful hold on the customers (you can't invent a better Daytona 500). Earnings go up 15% to 25% a year.

Among thousands of companies, only a few qualify as Buffettworthy. Why, then, has Hagstrom found such a concentration of redneck stocks in this select group? (I use the R-word with respect, just as comedian Jeff Foxworthy would.) There's only one plausible explanation. Wall Street undervalues redneck stocks because fund managers and analysts lack redneck appreciation--and apparently so does Buffett.

You never see a Bear Stearns Chevy entered in the Merrill Lynch 400, because there is no Merrill Lynch 400. There's a Winston cup and a Bosch Spark Plug Grand Prix, but no Wall Street house has ever sponsored a stock-car race. Neither has an insurance firm, although there's a natural collision-damage tie-in.

If more Wall Street types got out of their skyboxes at Knicks games and onto a Nascar track, they'd see that stock-car racing is the fastest-growing spectator sport in the U.S.; last year's Daytona 500 outdrew the NBA all-star game, with a 9.8 Nielsen rating. Then they might get interested in International Speedway. That company just announced that it is moving from the over-the-counter market to the Nasdaq system: Nascar joins Nasdaq. It passes the Buffett test for return on equity and every other kind of return, yet only 5.6% of the shares are held by institutions.

In Louisville they drink Jack Daniel's; on Wall Street they drink chardonnay, Scotch, and Perrier with lime. A Wall Streeter and a Harley is an unlikely combination. Jim Rogers called his book Investment Biker, but Rogers doesn't ride a Harley because he's not redneck-oriented. He rides a BMW.

Elvis and Buffett have one thing in common--impersonators. There's the Sequoia fund, managed by Buffett disciple Bill Ruane. There's Hagstrom's Focus Trust. There's the computer at Standard & Poor's, which is programmed to think like Buffett. You can invest in any of these Buffetts, or you can invest in Buffett's own company, Berkshire Hathaway, and get the real thing.

From early 1995 to the present, the scorecard is as follows: Buffett Buffett (Berkshire Hathaway), up 57%. Sequoia Buffett, up 55%. Hagstrom Buffett, up 23%. Computer Buffett, up 52%. Buffett Buffett has a slight lead on the impersonators, with Hagstrom Buffett bringing up the rear. In the longer run, Hagstrom is betting on the redneck-Buffett alliance, since 25% of his portfolio is invested there. He didn't start out in Opryland, but that is where Buffett numbers have taken him.