Mary Buffett's tips for budding value investors: sound research and patience

Warren Buffet's decision to gift a few shares of the companies in which he owned stakes, to his daughter-in-law, marked the beginning of what would turn out to be a long and satisfying journey for Mary Buffett in the world of investing.

"Till then, Warren used to gift us $10,000 in cash and we would spend it in no time. One year, he handed over a much wider envelope and said he had decided to gift some shares in the companies that Berkshire (Warren Buffet’s firm) had a stake in," Mary told CNBC-TV18.

She said she held on to the shares for some months instead of cashing them, and noticed that their prices had appreciated. "So I went out and bought some more, and since then whenever Warren gifts me shares, I buy more of them later on," she said.