As far as The Hobbit and The Lord of the Rings, I tend to do complete read-throughs and avoid reading excerpts. In part, that's because once I've started reading either of them, I find it very difficult to stop. The chief exception is the poetry, which I'll sometimes read in isolation - particularly a few favourites like Aragorn's song of Beren and Luthien or 'Earendil was a Mariner'. The appendices to LotR, though, I frequently read piecemeal; and also the prologue.
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