A comprehensive survey of Product Management reveals the most frequently valued skills in the field: communication, execution, and product sense. However, it also highlights the least frequently valued skills, which include design/UX, empathy, and raw intelligence. Interestingly, PMs have more influence than other functions at only 70% of companies, compared to the 80% or above in other industries. The spectrum of influence varies widely, from companies like Zynga where PMs run the show, to Apple where PMs have the least influence.

A comprehensive survey of Product Management reveals the most frequently valued skills in the field: communication, execution, and product sense. However, it also highlights the least frequently valued skills, which include design/UX, empathy, and raw intelligence. Interestingly, PMs have more influence than other functions at only 70% of companies, compared to the 80% or above in other industries. The spectrum of influence varies widely, from companies like Zynga where PMs run the show, to Apple where PMs have the least influence.

In another context, we come across "The Buffett Formula: Going to Bed Smarter Than When You Woke Up" from Farnam Street. This article emphasizes the importance of continuous learning and reading. Charlie Munger, a renowned investor, believes that helping another human being know more is the best thing one can do. Great minds read a lot, and going to bed smarter than when you woke up is a motto to live by. Critical thinking and mental work are necessary to form opinions and make informed decisions.

Warren Buffett and Charlie Munger, both avid readers, attribute their success to their dedication to continuous learning. They spend a significant portion of their days reading to expand their knowledge. They prioritize getting facts and thinking for themselves rather than relying on other people's opinions. The thinking process is crucial, and having the right partners to bounce ideas off of is invaluable. Munger emphasizes that their ability to make rapid decisions stems from the hours they spend preparing themselves by reading, sitting quietly, and thinking.

The long-term investment in learning and self-improvement is akin to compound interest. Reading a lot is not enough; one must also have the temperament to grasp ideas and take sensible actions. Many people fail to identify the right ideas or do not know how to effectively utilize them. As Mortimer Adler writes in "How to Read a Book," those who cannot express their thoughts often do not truly understand what they think. Surrounding oneself with individuals who challenge ideas is another effective way to become smarter, aside from reading.

Combining these two perspectives, we can draw some actionable advice for product managers:

1. Prioritize continuous learning: Just like Warren Buffett and Charlie Munger, product managers should allocate time for reading and expanding their knowledge. This habit will help them stay updated with industry trends and make informed decisions.

2. Develop critical thinking skills: Product managers should engage in mental work and develop the ability to form opinions based on facts and logical reasoning. This skill will enable them to make effective judgments and contribute valuable insights to their teams.

3. Seek diverse perspectives: Surrounding oneself with individuals who are not afraid to challenge ideas can lead to personal growth. Product managers should actively seek out colleagues or mentors who can provide different viewpoints and push them to think outside their comfort zones.

In conclusion, the field of Product Management values certain skills more frequently than others. However, it is important for product managers to understand the significance of continuous learning, critical thinking, and surrounding themselves with diverse perspectives. By incorporating these actionable advice, product managers can enhance their effectiveness and contribute to the success of their teams and companies.