[mattmcknight]

On CNBC this morning, Buffet made it sound as if it was more about liking the value based on the annual report he saw in March. He's been reading IBM's annual report for over 25 years. He did some diligence, and then began establishing a position.

[X-Istence]

If 25 years is some diligence then I clearly have started off WAY too early.

[sireat]

Buffett is famous for doing exactly that, reading company reports (and other research) for a really long time before investing(I would imagine he must have read IBMs even earlier than 1986).

He would read company reports, even if he had no plans to invest. It is one of his hobbies (not only a job).