Homework not IQ

I read an article from Financial Times Guide Value Investing and would like to do a brief summary on how Warren Buffett and Charles Munger would do in order to identify which stock to invest: 

1. read annual reports of not just the company which we are interested but the annual reports of the competitors as well compared to the industry and personal research. 
2. Meet and talk with people from the industry
3. Favourable long-term prospects
4. Operated by honest and competent people
5. A business I understand
6. Available at a very attractive price

Starting slowly. :)