Compounding at 500 pages a week
TL;DR Einstein is quoted that compounding is the 8th wonder of the world. As every investor knows, interest on money compounds wealth. As every Buffett-Munger-follower knows, reading compounds wisdom. Start compounding wisdom by reading and thinking, wealth will likely follow.
Compounding is the corner stone of Buffetts success. He read the whole library of his father at the age of 10 and gone head on to read the library of congress when is father got elected offical. At that time he started to read company and industry reports and never stopped till then. His knowledge about companies started to compound more and more. His wealth is dwarfed by his wisdom.
Warren Buffett reads a lot! Yet there is a missunderstanding in the follower ship. Its generally accepted that WB reads a 500 pages a day - for sure he can - but he does not. He reads 500 pages a week [Valuewalk]. Thats about 75 pages per day. Thats absolutely doable.
Reading 75 pages per day, is only few hours reading per day. What is not spoke about a lot, what he does the other time. Playing bridge? Discussing ideas? Calling Charlie?
All the journalists, fanboys and investors concentrate on information intake, but more importantly how does he digest information? How does he transform raw words to interalized actionable wisdom? In my opinion, its the time he thinks or does something else. The time he uses to internalize the words he reads. Rich Hickey calls this hammock-time [2].
This year I have been to the Berkshire Hathaway general annual meeting. The people spoke about how WB has a photographic memory. Maybe he has. Yet data itself does not make wise. Its the connections between data points, grouping data, categorizing and generalizing it which makes wise. This needs time. WB calendar is empty [3]. Maybe its not and has plenty of hammock-time.
[1]: https://www.valuewalk.com/2018/01/secrets-achieving-warren-buffetts-500-pages-per-week/
[2]: https://www.youtube.com/watch?v=f84n5oFoZBc
[3]: https://www.cnbc.com/2018/09/07/warren-buffett-taught-bill-gates-about-time-management-by-sharing-his-blank-calendar.html
 |
| Compounding effect of Buffetts net worth. |
Compounding is the corner stone of Buffetts success. He read the whole library of his father at the age of 10 and gone head on to read the library of congress when is father got elected offical. At that time he started to read company and industry reports and never stopped till then. His knowledge about companies started to compound more and more. His wealth is dwarfed by his wisdom.
Warren Buffett reads a lot! Yet there is a missunderstanding in the follower ship. Its generally accepted that WB reads a 500 pages a day - for sure he can - but he does not. He reads 500 pages a week [Valuewalk]. Thats about 75 pages per day. Thats absolutely doable.
Ted Combs speaks about WB reading 500 pages a week.
Reading 75 pages per day, is only few hours reading per day. What is not spoke about a lot, what he does the other time. Playing bridge? Discussing ideas? Calling Charlie?
All the journalists, fanboys and investors concentrate on information intake, but more importantly how does he digest information? How does he transform raw words to interalized actionable wisdom? In my opinion, its the time he thinks or does something else. The time he uses to internalize the words he reads. Rich Hickey calls this hammock-time [2].
This year I have been to the Berkshire Hathaway general annual meeting. The people spoke about how WB has a photographic memory. Maybe he has. Yet data itself does not make wise. Its the connections between data points, grouping data, categorizing and generalizing it which makes wise. This needs time. WB calendar is empty [3]. Maybe its not and has plenty of hammock-time.
[1]: https://www.valuewalk.com/2018/01/secrets-achieving-warren-buffetts-500-pages-per-week/
[2]: https://www.youtube.com/watch?v=f84n5oFoZBc
[3]: https://www.cnbc.com/2018/09/07/warren-buffett-taught-bill-gates-about-time-management-by-sharing-his-blank-calendar.html
Kommentare
Kommentar veröffentlichen