If there is one thing that most highly successful people do, it’s reading. I don’t just mean reading a book here and there, I am mean consuming books daily.
In fact, a survey of 233 wealthy individuals found that the vast majority (88%) said they devote 30 minutes or more every day to reading.
Readers are leaders, and leaders are readers”. – Howard G. Hendricks
Successful people are always looking to better themselves and reading offers a unique and effective way to learn from some of the most successful people in the world.
You can learn from their success and failures, which probably cost them millions of dollars. You can have access to their experience and knowledge which took them years to accumulate all for the price of around $20.
Reading can also give you a competitive advantage over your competition. Warren Buffett once told students at Columbia Business School “Read 500 pages every day. That’s how knowledge works. It builds up like compound interest. All of you can do it, but I guarantee many of you won’t do it”.
Warren was right. The facts are alarming. According to a survey done by the Jenkins Group, in the United States, 42 percent of college graduates never read another book after college and 33 percent of high school graduates never read another book for the rest of their lives.
Like I said, alarming. However, you can use this to your advantage. Most people simply don’t take the time and put in the effort to read and educate themselves. You can be an outlier, simply by reading.
I put together a list of books that are recommended by some of the most success people in the world. Let’s get started!
Table of Contents
The Intelligent Investor-Recommended by Warren Buffett
The Intelligent Investor was written by Benjamin Graham. Graham was known as the “king of value investing”. He wrote The Intelligent Investor in 1949 while teaching at Columbia University. When Buffett was only 19 years old, he read The Intelligent Investor and was so impressed with Grahams investing strategies, he enrolled at Columbia University to study under Graham.
Both Buffett and Graham bonded over their passion for investing which developed into a lifelong friendship. In fact, Buffett went to work for Graham after he graduated from Columbia at Grahams investment firm,
In The Intelligent Investor, Graham refers to the stock market as “Mr. Market”. He explains that you are free to buy from Mr. Market whenever you want. If Mr. Market offers you a price that you don’t like you can simply say no, because Mr. Market will be back tomorrow with a different price. This was the “Use Market” psychology that Graham developed.
It’s this psychological perspective that allowed Graham to become an incredibly successful investor. It has been reported that Graham earned a 20% annual return on average throughout his investing career. However, details of his investments are not available.
Learning to view the stock market in this way gave Buffett a foundation that would allow him to become the greatest investor of our time. Warren Buffett describes “The Intelligent Investor” as “by far the best book on investing ever written”.
So, take it from Warren Buffett. If you want to learn about the fundamentals of investing in the stock market and how to analyze companies, read The Intelligent Investor and who knows, maybe you will be the next billionaire investor.
2. Zero to One-Recommended by Elon Musk
Elon Musk in known as one of the greatest entrepreneurs of all time and people are always curious to know how he manages to do so much. Between Tesla, SpaceX, Neuralink, The Boring Company, and Solar City, he seems to have an endless supply of brilliant ideas.
Part of Musk’s brilliance comes from his love for reading. When Neil Strauss interviewed Musk for The Rolling Stone cover, he asked Musk who raised him as a child, Musk’s response was “Books. Books, and then my parents,”.
It’s no surprise then that people are always asking him about the books he is reading. While Musk prefers to read biographies, he still takes time to read business books.
Zero to One was written by his long-time friend and former colleague Peter Thiel. Musk and Thiel have a long history together and were both co-founders of PayPal.
Musk endorsed the book by his fellow PayPal co-founder, stating “Peter Thiel has built multiple breakthrough companies, and Zero to One shows how.”
This is high praise coming from someone like Elon Musk. Any author would be happy to have Elon Musk complement their book.
In Zero to One, Thiel discusses how to take a company from startup to billion-dollar behemoth. He mentions that the best way to start a company that will change the world and have a massive impact is to build a monopoly.
Why start a monopoly?
Competition, or lack thereof. That’s right, monopolies don’t have to worry about competition. They can set their own prices and reinvest the profits into further research and development.
When a company faces stiff competition, products typically become commodities and companies are forced to compete on price. This is not good for growth and innovation.
Zero to One is a must read for anyone looking to start a business. Even if you don’t aspire to create the next Facebook, this book will give show you how to create a company that will minimal competition and maximum impact.
Do you think Bill Gates is happy that he built Microsoft into a monopoly?
I think so.
3. Sam Walton: Made in America- Recommended by Jeff Bezos
It’s should come as no surprise that Jeff Bezos, the man who reinvented how we buy books, is an avid reader. You might remember that Amazon first started by selling books. Overtime, it started selling everything else.
Jeff Bezos and Sam Walton have a few things in common. Both have held the highly coveted title as the wealthiest person in the world, and both massively disrupted the retail industry.
In fact, Walmart and Amazon are each other’s greatest competition. It’s no wonder that Bezos counts Sam Walton’s biography as one of his favorite books. It’s a look into the life and mind of the man who built one of the largest retail empires on earth.
In his biography, Sam Walton discusses his principals of discount retailing and outlines his core values which include frugality, taking action, and a willingness to try new things and make mistakes.
It should be noted that Bezos includes many of these same values in Amazon’s corporate values. Just a coincidence? Probably not.
Made In America covers Sam Walton’s modest upbringing and the valuable lessons he learned while growing up during the great depression. Perhaps the most important lesson that he learned was to value a dollar. This lesson would lead him on his quest for retail domination.
Furthermore, his autobiography also discusses what drove him to succeed. This was his obsession with being the best and his love of competition. What ultimately drove Walton was his love for winning, not money.
In fact, it is said that he was upset when he was listed as the richest man in the world by Forbes magazine in 1985 with a net worth of $2.8 billion. Sam Walton was a down to earth, hardworking, blue-collar, American entrepreneur who loved to compete. His autobiography is a great read for anyone who wants to start or grow a business.
“There is only one boss-the customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” -Sam Walton
4. IN-N-OUT BURGER- Recommended by Richard Branson
If you love In-N-Out Burger then this book is bound to get your mouth watering. If you live in the United States then you are most likely familiar with the popular burger chain, In-N-Out Burger. It’s practically an American staple, or at least it is for the west coast.
This southern California family run restaurant has been making some of the best burgers and fries since 1948. Now, it’s impossible to stay in business for that long unless you have a phenomenal product and excellent customer experience. Fortunately, In-N-Out has both.
In-Out Burger: A Behind-the-Counter Look at the Fast-Food Chain That Breaks All the Rules details the history of the family run restaurant and the philosophies that has allowed In-N-Out to become one of the largest and most successful restaurant chains in the United States.
Sir Richard Branson is a fan of In-N-Out burger and had some good things to say about the book, “At last, the great American small business story gets told. It is a reassuring read in uncertain times, reminding business owners to listen to customers, do what you love, and have fun while you do it.”
It’s no surprise that Branson, who has built some of the most customer centric companies in the world, would appreciate a company like In-N-Out Burger. Like In-N-Out, Branson’s company Virgin Group, strives to create the best customer experience possible, and they’ve been very successful thus far.
If you want to create a cult following around your business or product then this book is for you. In this book you will learn about In-N-Out’s humble beginnings and how Harry Synder was able to take his hamburger stand from a local hangout spot to an iconic American brand.
5. Influence – Recommended by Charlie Munger
If you’re familiar with Warren Buffett than you are most likely familiar with Charlie Munger. Charlie Munger is a billionaire investor, businessman, former real estate attorney, and philanthropist. He is also the Vice Chairman of Berkshire Hathaway and Warren Buffett’s right-hand man. Together Buffett and Munger have grown Berkshire Hathaway into one of the most valuable companies in the world.
Charlie, or “colorful Charlie” as Warren refers to him, is an outspoken business icon who has more business experience then just about anyone alive. Because of his vast experience and knowledge, Charlie is not afraid to speak his mind.
So, when Munger listed Influence as one of his must reads, I took notice. Munger said the following about Influence:
“Robert Cialdini (the author) has had a greater impact on my thinking than any other scientist. This book demonstrates six to eight ways in which the quirks of your own mind will frequently prove dysfunctional to your best interests.”
Charlie Munger was so appreciative for the knowledge that Cialdini shared in his book that he sent him one share of Berkshire Hathaway stock. Now, that might not seem like a big deal, but the stock price is currently valued at about $330,000 per share.
This is what Cialdini said of the gift:
“I was in my office and went to the mail box and got a big envelope that came from Berkshire Hathaway. Of course, I had heard of Berkshire Hathaway, everyone had by that time about 15 years ago. When I opened it, it was a share of Berkshire stock. The letter from Charlie saying ‘this is by way of thanks, Warren and I have read your books, we’ve made hundreds of millions of dollars. This is our way of saying thanks.’”
In Influence Cialdini discusses the various psychological tactics that top sales people use to influence our behavior so that we buy something that we probably wouldn’t have purchased otherwise. Most people have experienced this kind of situation. It usually leads to buyer’s remorse.
Cialdini went and took to sales jobs so that he could see their tactics in action. He became a car salesman and waiter which are two jobs where one has to be very clever in order to make a lot of money.
Ultimately, he learned a lot while working in these positions. From this experience he developed his six pillars of influence.
- Reciprocity
- Commitment and consistency
- Social proof
- Liking
- Authority
- Scarcity
I’ve personally read Influence 5 times and I re-read it at least once a year. Influence is one of my top 10 favorite books and I, along with Charlie Munger, recommend you get this book ASAP.
6. Rework – Recommended by Mark Cuban
Mark Cuban is a billionaire investor, entrepreneur, author, and all-around cool guy. He’s the owner of the Dallas Mavericks and one of the main “sharks” on the ABC hit reality series Shark Tank.
As a result of his success and fame from Shark Tank, Cuban has become a leading authority on startups and investing. He has invested millions of dollars in a handful of businesses that have been picked to present their business ideas to the “sharks”. Cuban has a scrupulous attention to detail and knows how to spot a good deal.
How has Mark Cuban become so successful?
He attributes much of his success to reading. He’s an avid reader and says that he reads at least 3 hours every day. One of his favorite books is Rework by Jason Fried and David Heinemeier Hansson. If you aren’t familiar with the authors, they are they co-founders of the popular project management tool called Basecamp.
In Rework Jason and David discuss how one doesn’t need tons of cash and resources to start a business. The truth is, you need less than you think. In fact, it only takes a minimal amount of money and effort to get started. The most important thing is to get started now. Don’t wait until you feel comfortable because that time will never come.
Stop talking and start working. Don’t wait until you feel motivated. If you feel inspired to start a business, get to work on it right away. Don’t get caught up on small details either, keep moving forward.
They also discuss that you don’t need to have ambitions of starting the next billion-dollar tech company to be successful. You also don’t have to strive to have a huge company with a lot of employees. You can start small and build up slowly. The most important thing is staying afloat.
They also talk about the importance of staying positive. A positive outlook provides a conducive environment for creativity, which translates to solving problems innovatively.
Finally, don’t do meetings. Jason and David think that meetings are a waste of time, at least in the beginning. If you do have a meeting, make sure to set a firm agenda and stick to it.
So, what does Mark Cuban have to say about Rework?
“If given a choice between investing in someone who has read ‘Rework’ or has an MBA, I’m investing in ‘Rework’ every time.” – Mark Cuban
Rework will inspire you and provoke you to take action. This book is for anyone who wants to start a business, stop procrastinating, and take their life to the next level.
7. Factfulness-Recommended by Bill Gates
Bill Gates is hardly a man that needs an introduction but for those very few who don’t know who he is, Bill Gates is the billionaire founder and former CEO of Microsoft and currently the second richest person in the world.
Since retiring from Microsoft back in 2008, Bill has working on curing diseases around the world with his foundation, the Bill and Melinda Gates Foundation.
Those who are familiar with Bill Gates know that he is a voracious reader. In fact, there are probably very few business leaders that read more than him. It’s reported that he reads around 50 books per year.
He even takes vacations for the sole purpose of reading. He calls them “think weeks”. He has a cabin in the pacific northwest that he uses to get away and read.
He reads books on topics ranging from business, science, philosophy, and technology. So, when someone like Bill Gates recommends a book, people listen.
One book that he has recommended for people to read is Factfulness. In the book the author, Hans Rosling, suggests that the majority of people are misinformed about the current state of the world.
Most people think that the world is poorer, unhealthier, and more dangerous than it really is. This is largely due to misinformation.
The author states that most people have an outdates view of the world and view it in two categories, “developed world” and the “developing world”. The author suggests that we should view the world in four levels based on income brackets.
- less than $2 a day
- $2–$8 a day
- $8–$32 a day
- $32+ a day
One of the overarching themes of this book is that the world is getting better not worse. Despite what people think or what they see on the news. The media tends to skew the data and puts their own spin on things. This is why the news is overwhelmingly negative.
Factfulness made a powerful impression on Bill Gates and gave him ideas that he was able to implement at the Bill and Melinda Gates Foundation.
This is what Bill Gates had to say about Factfulness on his blog:
“This was a breakthrough to me, the framework Hans enunciates is one that took me decades of working in global development to create for myself, and I could have never expressed it in such a clear way. I’m going to try to use this model moving forward.”
This is a must read for anyone who wants to have a better grasp of the current state of the world and the differences between developed and undeveloped countries. This book will open your eyes to new concepts and data that has largely been ignored by the mainstream media.
Summary
Successful people all share common traits and habits. One of the habits that all successful people share is reading. Success people are always looking for ways to level up their skills and knowledge and books offer a very effective way to learn from some of the smartest people on earth.
Research shows that the vast majority of the wealthiest people in the world are voracious readers. Reading can also give you a competitive advantage over your competition. This is because most people simply don’t make reading a top priority and as a result they aren’t continually learning.
In this article I discussed seven uber successful people who have developed their own daily reading rituals, and the books that they recommend. To recap the books are:
- The Intelligent Investor-recommended by Warren Buffett
- Zero to One-recommended by Elon Musk
- Sam Walton: Made in America-recommended by Jeff Bezos
- In-N-Out Burger: A Behind-the-Counter Look at the Fast-Food Chain That Breaks All the Rules-Recommended by Richard Branson
- Influence: The Psychology of Persuasion-Recommended by Charlie Munger
- Rework-Recommended by Mark Cuban
- Factfulness-Recommended by Bill Gates
Developing a daily reading habit is one of the productive and powerful ways to continue learning and level up your skills. There is a reason why the most successful people on earth take time to read every day, it works. Take some time out every morning and start reading. Try to make it into a pleasurable experience. This will make it easier to develop into a habit. Start by reading one of the books that I discussed in this article and then let me know what book you read and what you thought.
“Every man who knows how to read has it in his power to magnify himself, to multiply the ways in which he exists, to make his life full, significant and interesting.” – Aldous Huxley
Question
Have you read any of the books on this list?
