One common trait of all extraordinary investors is their extraordinary learning ability. The greatest investors such as Warren Buffett (Trades, Portfolio) and Charlie Munger (Trades, Portfolio), are also the greatest learners. Faster, better and more learning compounds over time. As Charlie Munger (Trades, Portfolio) correctly pointed out: “Without Warren Buffett (Trades, Portfolio) being a learning machine, a continuous learning machine, the record would have been absolutely impossible.”
How much we learn depends on two things – time spent and efficiency (how we learn). It’s easier to quantify the former while the latter is not easily measurable. But it is mostly the differences in how we learn that lead to the differences between us and say, Warren Buffett (Trades, Portfolio) and Bill Gates (Trades, Portfolio). There’s quite a bit of science behind learning yet it’s rarely part of our education. To narrow the gap of knowledge, we have to learn how to learn. Therefore, I find great pleasure in reading Benedict Carey’s book How We Learn: The Surprising Truth About When, Where and Why it Happens. It’s a must read for serious learners.
Carey’s book has four sections. It begins with an introduction of the biological function of the brain and the cognitive science of learning, which are the theoretical foundation of later sections. The second part of the book deals with retention tools and the third part deals with comprehension techniques. The last part of the book explores how we can improve learning subconsciously, or “learning without thinking,” as Carey describes it.
Myths about learning:
To me, the most useful information of the book is about the common learnings strategies that are now proven less effective.
For instance, it’s widely accepted that it’s better to find a quiet place to study and we should go to this place all the time – making it a routine. Well, according to Carey,
“scientists have found that we work more effectively when we continually alter our study routines and abandon any ‘dedicated space’ in favor of varied locations. Sticking to one learning ritual slows us down."
Take another widely-accepted practice - devoting a dedicated black of time to repetitively practicing a skill (such as long division) is the best way to master a particular skill. Carey points out that this is also wrong as
“studies find that the brain picks up patterns more efficiently when presented with a mixed bag of related tasks than when it’s forced-fed just one, no matter the age of the student or the subject matter area."
Another example comes from digital distraction such as Facebook Twitter and WeChat, which is blamed by many as the biggest hurdle to focus (including myself). While these distractions do harm our ability to focus, they may help (only a brief distraction) “when we’re stuck on a math problem or tied up in a creative knot and need to shake free.
Carey also offers a very interesting theory – the Forget to Learn theory. This theory suggests that “forgetting is the best friend of learning, rather than its rival.” First of all, forgetting acts as a “spam filter.” By filtering out information that we might need, forgetting allows the brain to focus. Another benefit of forgetting is that normal forgetting is helpful for subsequent learning. Carey uses the muscle-building metaphor to illustrate this point – some breakdown must occur for us to gain muscle. Similarly, some breakdown must occur for us to strengthen learning.
It’s good to know that it’s not necessarily a bad thing to forget.
Retention and comprehension tools:
The first principle theory of memory is an enormously important theory, which is “shepherded” by UCLA’s Robert Bjork and his wife Elizabeth Ligon Bjork. The theory says that
“any memory has two strengths, a storage strength and a retrieval strength. Storage strength is a measure of how well learned something is. It builds up steadily with studying and more sharply with use. Storage strength can increases but it never decreases. Retrieval strength is a measure of how easily a nugget of information comes to mind. It,too, increases with studying, and with use. Without reinforcement, however, retrieval strength drops off quickly, and its capacity is relatively small. At any time, we can pull up only a limited number of items in connection with any given cue or reminder. Compared to storage, retrieval strength is fickle. It can build quickly but also weaken quickly.”
An-equally important principle is called the principle of desirable difficulty. The principle states that “the harder we have to work to retrieve a memory, the greater the subsequent spike in retrieval and storage strength (learning).”
My takeaway from the first principle theory and the principle of desirable difficulty – there’s not much difference in our storage strength, it’s the retrieval strength that separate say Warren Buffett (Trades, Portfolio) and Bill Gates (Trades, Portfolio) from the vast majority.
Fortunately, Carey has offered us some great retention techniques that can help us learn better.
First of all, “having something going on in the study environment, like music, is better than nothing.” Because the experience of studying has more dimensions than we notice, some of which can have an impact on retention. Subconscious contextual cues such as music, light, and background color are valuable when it comes to retention. It we can multiple the number of perceptions connected to a given memory, we’ll do better. And it’s not that hard. We can switch places – just go to another Starbucks. We can listen to classical music today and jazz tomorrow.
The second technique Carey shares is the distributed learning, or the spacing effect. The spacing effect basically says we learn just as much but retain it much longer when we space our study time than when we concentrate our study time. Studying a new concept right after you learn it doesn’t’ deepen the memory much but studying it an hour later or a day later, does. Scientists have helped established both “minimum intervals” and “maximum intervals” required to keep newly learned facts accessible.
Carey sheds some light on the spacing effect with his own experiences. He used to study difficult materials for an hour and return the next day practically remembering nothing. But now he utilizes the spacing technique – he would treat the first encounter as a casual walk through for about twenty minutes. Then he’ll go through round two and round three with the same material later, each twenty minutes. He hasn’t used more time but he remembers more.
I’ll pause here and share the rest of my notes in the upcoming articles.
