The Wrath of Reading & Writing: Unleashing the Power of Chance and Prepared Minds

The Wrath of Reading & Writing: Unleashing the Power of Chance and Prepared Minds

"I write because I don't know what I think until I read what I say." - Flannery O'Connor

In today's world, reading and writing have taken on a whole new level of importance. Frederik Gieschen, in his article "The Reading Obsession," highlights the obsession with reading that investors often attribute to Warren Buffett. However, Gieschen argues that while reading is crucial, networking, building friendships, and traveling also played a significant role in Buffett's success. The act of "working" in knowledge is a fundamental aspect of being human.

What has changed is not the significance of reading and writing, but rather the volume and mediums of information. The industrial revolution, among other factors, led to an explosion in literacy rates worldwide. Reading allows us to build a "prepared mind," as Louis Pasteur noted, "In the fields of observation chance favors only the prepared mind." The prepared mind reacts to different aspects of opportunities, recognizing preconditions and leveraging them for success. Just as insects evolved from little stubs on amphibians and fish, great innovations like Uber and Instagram were made possible by preconditions like mobile phone penetration and GPS technology.

By reading, we engage in the process of building a prepared mind. Without understanding the concepts, we are ill-prepared for conversations and lack the ability to contribute meaningfully. This aligns with the perspective shared by Packy McCormick, who emphasized the importance of writing something good rather than writing something each week. Writing allows us to articulate and bring our ideas to life, enabling us to delve deeper into our thoughts and gain a better understanding of what we truly think.

Dr. James Austin, a neurologist and philosopher, explores the role of luck in entrepreneurship in his book "Chase, Chance, and Creativity." He introduces four types of luck: Chance I, Chance II, Chance III, and Chance IV. Chance I refers to pure blind luck, something that happens completely accidentally without any effort on our part. Chance II involves action and motion, stirring up the pot and allowing random ideas to collide and stick together in fresh combinations. It requires persistence, curiosity, and a willingness to experiment and explore.

Chance III goes beyond mere luck and requires a special receptivity, discernment, and intuitive grasp of significance unique to one particular individual. It favors those with a solid knowledge base and the ability to observe, remember, recall, and form significant new associations quickly. On the other hand, Chance IV is deeply personal and favors those with distinctive hobbies, lifestyles, and motor behaviors. It is not easily understood by someone else, as it stems from who you are and how you behave.