Like most investors, Buffett evolved his investing style, trying different things along the way.
1. Often, Buffett would simply buy shares, hold them, and wait for growth prospects to materialize.
2. Sometimes, his objective was a little more short term in nature, buying to capture arbitrage - small differences between price and value that often emerge in merger, acquisition and liquidation situations. (Capturing arbitrage is value investing, too; it's very shrot term in nature and one had better be good. One is going against other professionals who have access to a lot of information and are betting for something different to happen.)
3. Sometimes Buffett would buy a large stake in an undervalued company, large enough to be noticed and reported to the SEC, usually 5 percent or more. He then would get himself installed on the company's board of direcctors. Many of these companies were having financial problems or problems translating company value into shareholder value. Many welcomed his presence. Buffett would help right these problems and, if necessary, assist in selling or finding a merger partner for the company.
Of course, most ordinary investors can't do this, but the thought process is important.
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