The Power of Reading and Creating Common Knowledge: Insights from Farnam Street and kwokchain

The Power of Reading and Creating Common Knowledge: Insights from Farnam Street and kwokchain

Introduction:
Great minds are known to read extensively, as it allows them to learn from the mistakes and wisdom of others. In this article, we will explore the benefits of reading and the importance of creating common knowledge. Drawing insights from Farnam Street's philosophy on reading better and kwokchain's analysis of creating public common knowledge, we will uncover the common points between these two perspectives and provide actionable advice for readers.

The Value of Reading:
As Charlie Munger famously said, wise individuals who possess a broad understanding of various subjects are avid readers. Reading allows us to access the best ideas and insights that others have already discovered. It is a means to master the knowledge that has been accumulated over time. However, it's not just about the number of books we read, but rather the quality and depth of our engagement with them.

Reading Levels and Approaches:
The Levels of Reading, as outlined by Farnam Street, offer different approaches to reading. These levels range from reading for entertainment to reading to master a subject. It is important to assess the purpose of our reading and adapt our efforts accordingly. Skimming through books and articles can be beneficial for quickly acquiring surface-level knowledge, while certain texts demand a thorough understanding and multiple readings.

Reading Speed and Absorption:
Contrary to the popular notion of reading speed as a vanity metric, what truly matters is how much knowledge we absorb. It is not about how fast we read or how many books we finish but rather the depth of understanding we gain from the material. Sometimes, the opportunity cost of reading something new is missing out on the opportunity to re-read a book that has had a profound impact on us. Revisiting the best books we've read allows us to reinforce our learning and deepen our understanding.

The Role of Writing:
Writing about what we read is a powerful tool for consolidating our knowledge. It helps us identify gaps in our understanding and connects new information with existing knowledge. Writing enables us to discover what we truly know and what we still need to learn. Both conventional note-taking and the use of a blank sheet to capture our thoughts and insights can enhance our comprehension and retention of the material.

Creating Common Knowledge:
Moving on to the insights from kwokchain, we delve into the concept of creating public common knowledge and its network effects. Rich Barton, the founder of several successful consumer tech companies, has demonstrated the power of creating common knowledge to disintermediate incumbents and dominate search. By providing consumers with more data transparency, Barton's companies empower them and challenge intermediaries who benefit from information asymmetry.