Before the trading sessions starts again in sometime, we would like to talk about one very important habit that is common amongst almost all successful investors - the habit of reading.
Warren Buffett's right hand man and investment partner Charlie Munger once said: "In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time -- none, zero. You'd be amazed at how much Warren reads--and at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out."
You would be astonished to know the amount of time Buffett and Munger spend reading. Buffett says that he spends nearly 5 to 6 hours every single day just reading.
Interestingly, he was once asked about how to get smarter and he responded, holding a stack of paper, "Read 500 pages like this every day. That's how knowledge builds up, like compound interest."
You might be curious to know what Buffett reads all the time. Here is what he says: "...I read five daily newspapers. I read a fair number of magazines. I read 10-Ks. I read annual reports. I read a lot of other things, too. I've always enjoyed reading. I love reading biographies, for example."
Let us ask you a few questions. Do you like to read? What do you usually read? What are the things that you read about? How much time do you spend reading every day?
If you came to know that reading voraciously was the most important key to success in investing, how would you change your reading habit starting today?