“I have always imagined that Paradise will be a kind of library.”
–Charlie Munger
The best boss I ever had read four newspapers from cover to cover every morning. Continuous learning was everything to him.
And, any way you look at it that was a lot of news to take in every single day, especially all before about 5:30 in the morning. It took about an hour and a half to read it.
(Oh, for millennials reading this, papers were an ancient but effective form of communication. They had printed information on parchment, and were delivered daily to your home).
It is not that his reading had a specific purpose. After all, knowing the direction of stock prices, or who won the baseball game had nothing to do with his business or his management duties.
It was information gathering for its own sake.
And if there was a new business initiative you needed to know about and implement as an employee, he would give you two or three books to read.
According to every credible source, reading and continuous learning are one of the most prevalent things the financially successful do.
SOME BILLIONAIRE EXAMPLES OF CONTINUOUS LEARNING
Bill Gates maintains a recommends a reading list for those who follow him. Oprah Winfrey established a book club that achieved national fame. Finally, Mark Cuban is reputed to read more than three hours a day. All are continuous learners and encourage others to follow in their path.
So what, for instance, does Gates read? Well, the subjects are wide-ranging. The themes from the latest list are exceptionally diverse:
- A chronology of the personal struggle for one woman to learn, and embrace education
- An exploration of the topic of autonomous weapon systems
- The rise and fall of one notorious health industry business
- A framework for viewing current challenges and news
- An introductory guide to meditation
Fascinated? I was. To summarize: there is a personal story, a view into the future, a cautionary tale, an analysis, and an exploration of inner space. Bill Gates is clearly interested in all kinds of issues.
You can subscribe to the reading list through the link.
BUSINESS READERS AND LEARNERS
People who learn in order to maintain their work skills are more likely to keep their jobs. Allowing your knowledge to get stale in a fast-moving field is dangerous. So the successful look at learning as a self-enhancement, and as a defense against career downturns.
Business readers tend to gravitate to three subjects:
- Job enhancement
- Business skill enhancement.
- General knowledge—the ability to use skills on the job, and understand other professions.
Of course, that is hardly enough. So while keeping your nose to the grindstone is advisable, it is also vital to pay attention to how the world is changing. Around the year 1900, it must have seemed wise for horse whip makers to brush up on their leather crafting skills. But it would have been a better idea to learn to assemble that newfangled invention: cars.
OTHER CONTINUOUS LEARNERS
Of course, none of this explains why the most successful learn just for the sake of learning.
A chance meeting helped me understand. I once met the daughter-in-law of a billionaire but did not know who I was talking to until after the conversation. And no, I do not frequent those elevated social circles so the chance meeting was a surprise to me.
Our conversation turned to the subject of gifts. She noted that her father in law was difficult to buy for. With the advantage of hindsight, it was clear now that she did not mean it was tough to buy for him because he was rich. That was true enough. It was tough because there were few subjects he had not read about—and it turned out that books were the most prized gifts he had.
But why? What was the gain for him, especially when his career was over? Why read about, say, medieval construction techniques if you never use them? Why engage in continuous learning?
Well, according to her, the practice of learning is as important to him as what he learned.
It is almost as if he felt that the brain resembled a muscle. When he did not use it, he felt it got out of shape.
Of course, the brain-building process is more complicated than that. The brain is continuously rebuilding itself by eliminating unused capacity. Learning increases the number of brain cells and/or the connections (synapses) between the cells and also strengthens the part of the brain that is used most.
And, the more education you have, the more likely you can increase brain capacity through further learning. It is a process that builds on itself. The broader the base, the better.
SPEED AND CONTEXT
It is not just that more educated people know more and have a large frame of reference. That education base also helps to make decisions—decisions related to financial and life management. It is also helpful to know about analogous situations.
For instance, suppose you are being advised by someone, and you have a concern about their objectivity. You might recall the Buffett maxim, “Never ask your barber whether you need a haircut.” The lesson is to avoid advice from people with a conflict of interest. So, you would apply that advice to your own situation.
And then there is also the all-important aspect of speed.
The speed of decisions can be nearly as important as the decisions themselves.
Yes, it is essential to be able to retrieve information. And the relevant data should be evaluated and processed prior to making decisions. But sheer raw speed and the ability to act prior to a competitor is a massive advantage. Continuous learning of any sort also helps to maintain that edge.
LEARNING MODES
Whether you listen to podcasts, take classes, read the newspaper (egad) or watch presentations online, it is all good.
Continuous learning works best when the information is conveyed by the means that you like best. For instance, not everyone likes visual displays. Or, sometimes a podcast is useful to hear about a subject when it is convenient—like during the morning commute. Or, you may retain information better by hearing, rather than seeing.
The mode—seeing, hearing or doing, is a matter of personal preference. The key is to choose the mode in which you absorb information best.
THE EXCEPTION—WILLFUL IGNORANCE
Of course, there always are exceptions to any rule. Sometimes very successful people don’t learn anything. Almost everyone knows someone who seems successful in spite of the fact that they have no curiosity. You have probably met them, and you know who I mean. Usually, they are focused on their business to the exclusion of everything else or inherited their wealth. Of course, some just don’t care.
Still, the lack of any intellectual curiosity among the highly successful is extremely rare. Most I have met are engaged in multiple activities and learning initiatives.
CONCLUSION
Intellectual curiosity is a gift. Taking the time to develop it is well worth the effort. It is likely to help your net worth too.
SUMMARY:
- Learning for its own sake is good.
- Learning for its own sake exercises your brain. To remain sharp, it is necessary, and not optional.
- Work-related learning can help maintain job security.
ACTION PLAN:
- Learn something new.
- Make sure you keep up with the latest information in your own profession.
- It does not matter what mode you use for learning: visual, audio or kinesthetic. It all helps. Do what works best for you.
Disclaimer: consult with a financial professional before taking any steps outlined here. Not all advice is suitable for your circumstances or investment style.
Photo Credit: Nicolas Perez