I've managed to solve this task with the code below, but it does't seem to be most efficient way to do this. What's the most compact way of solving this task? I would appreciate if somebody could post his/hers code with short explanation. Pointing out my mistakes and explaining them is also welcome. 
package com.codegym.task.task07.task0712;

import java.io.BufferedReader;
import java.io.IOException;
import java.io.InputStreamReader;
import java.util.ArrayList;

/*
Shortest or longest

*/

public class Solution {
    public static void main(String[] args) throws Exception {
        ArrayList<String> list = new ArrayList<>();
        BufferedReader br = new BufferedReader(new InputStreamReader(System.in));

       //populating the list

        for (int i = 0; i < 10; i++) {
            String s = br.readLine();
            list.add(s);
        }

        //creating two values for the next loops
        int max = 0;
        int min = Integer.MAX_VALUE;

        //loops below loop through list and assign the length value of shortest and longest strings to ints above

        for (int i = 0; i < list.size(); i++) {
            if (list.get(i).length() > max) {
                max = list.get(i).length();
            }
        }

            for (int i = 0; i < list.size(); i++) {
                if (list.get(i).length() < min) {
                    min = list.get(i).length();
                }
            }

            // loop below compares the length of strings in list to max and min ints
            // if the length of string matches min or max, the loop ends

            for (int i = 0; i < list.size(); i++) {
                if (list.get(i).length() == min) {
                    System.out.println(list.get(i));
                    break;
                }
                else if (list.get(i).length() == max){
                    System.out.println(list.get(i));
                    break;
                }
            }
        }
    }