Warren Buffet once told a class of Columbia University MBA students that if they wanted to become successful investors, they should read and read and read – a lot – each day:
“Read 500 pages like this every day,” said Buffett, or words to that effect. “That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.”
Does this constitute diligent work? That is for every individual to choose for himself. Nonetheless, see that Buffet guaranteed that even in a room of Ivy League MBA understudies – individuals who all around were among the instructive and expert world class internationally – not very many would be sufficiently competent or sufficiently inspired to take after his recommendation.
On the off chance that Buffet were sure to the point that these students couldn’t or wouldn’t do as he prescribed, I would contend that it was on account of he trusted that his proposal constituted diligent work that was excessively troublesome for a great many people, making it impossible to deal with.
One person did listen to Buffet that day, though – Todd Combs, pictured in his office above. He is now one of two portfolio managers who will one day assume full responsibility for Berkshire Hathaway’s vast portfolio. He makes millions of dollars per year, and does so largely as a result of the work – hard or otherwise – that he puts in reading hundreds of pages each day.