The valuation exercise explained in this article addresses the market tenets part of the process, which are only applicable if the firm in question meets the other qualitative and quantitative requirements. It should be noted that Buffett stresses doing your own homework and that entails more than just getting historical accounting data and dropping them into the model being presented. Buffett has often said that a primary part of his investment homework is reading: including books, newspapers, magazines, and the annual reports of the subject company and its competitors.[2][3] A thorough reading of annual reports goes a long way in addressing the questions related to the business and management tenets.