2011: How can investors learn to read faster?

AUDIENCE MEMBER: Keith McGowan, Norfolk, Massachusetts. Thank you, Mr. Buffett and Mr. Munger. Thank you for being a role model.

Your ethics, frugality, sense of humor, honesty, sharing your ideas on investing, sharing your ideas on business, make this world a better place for everyone. (Applause)

Charlie mentioned in a prior answer about continuous learning. Mr. Buffett, you read about five newspapers a day. You also read many annual reports and other business-related reports.

You have the ability to read much faster than the vast majority of people. Reading is a fantastic thing.

What advice would you give to children in high school, college, or adults who want to increase their ability to read faster?

WARREN BUFFETT: Well, you know that’s an interesting question because I do read, as you described, the five papers and lots of 10Ks and 10Qs.

Unfortunately, I’m not a fast reader, and I’m not as fast as I used to be on reading.

But I don’t know how effective various speed reading classes may be, but if they are effective, you know, I would — I would really suggest anybody that can improve their speed — I wish I could read a lot faster than I can.

Charlie can read faster than I can. And it’s a huge advantage to be able to read fast.

And, you know, there’s a that old Woody Allen story about how he took the speed reading course, and he met somebody, he was telling him how wonderful it was, and the guy said, “Well, give me an example.”

And Woody Allen said, “Well,” he said. “I read ‘War and Peace’ last night in 20 minutes. It’s about Russia.” (Laughter)

That’s the problem I have when I try and read fast. I get all through reading the book, and I say, it’s about business, you know, so —

I really don’t know the effectiveness of speed reading-type courses, but if you know of any friends or — you can learn more about that, and there are effective techniques.

Obviously, the thing to do is to learn them very young because there really — there’s nothing — there’s hardly anything more pleasurable, you know, than reading and reading and reading and reading.

And Charlie and I do a lot of it. We continue do a lot of it. But I don’t do it as fast as I would like to.

Charlie?

CHARLIE MUNGER: Well, I think speed is overestimated. I had a roommate at Caltech who had a very distinguished mind, and I could do problems faster than he could, but he never made a mistake, and I did. (Laughter)

So, I wouldn’t be too discouraged if you have to go a little slower. What the hell difference does it make? (Laughter and applause)

Pass that peanut brittle, Warren.

WARREN BUFFETT: Yeah.

CHARLIE MUNGER: Thank you. Thank you.

WARREN BUFFETT: You may have noticed we have a 15-pound box out for sale in the other room, but Charlie is looking for a 25-pound box.