Hello!
I'm going to jump into this spirited thread for a second to see if I can help add some nuances to rhyme's point. He's right, in most ways: reading the entire passage, especially reading it as you would read any other important set of paragraphs in your life, is a waste of time on the GMAT. Do not read to memorize, do not read for serious retention, and do not get caught up in details, lists, lengthy justifications, scientific jargon, or any other complexities, on your passage read. Read the passage with a light, open mind, catching the basic idea of the points and noting the organization (e.g., "ok, this first paragraph explains why this guy's theory about market inefficiency has been overlooked, the second one says why it shouldn't be, the third gives an example of a useful place it could be applied.").
While we try to avoid the word "skim," rhyme is right in that one should NEVER sit down to read the passage as if he or she were sitting in their living room with a pipe and a smoking jacket. The passage is there for REFERENCE. The questions will force test-takers to go back and pick at certain details with a fine-toothed comb, or to draw inferences from single sentences or thoughts. Its not high school or college, where you read the textbook and are then tested on it without being able to go back. So the first read is merely meant for orientation and to get a decent grasp on the subject matter, the author's intentions, and the basic structure.
At Knewton, we recommend an exercise that is so simple that most test-takers don't usually even think about it. Try reading ANYTHING like a GMAT passage; read a news magazine, a short story, your favorite blog, an ad on the bus, the back of an oatmeal box, anything, with the same level of alert referential reading as you expect from yourself on the GMAT. Read it through ONCE, asking yourself as you go, "why is this being written? What is it about? How is it organized? What are the major takeaways?" If you're feeling really good, go back and ask yourself inference questions "The primary concern of this passage is to..." or "The 'investors' in line 6 are most likely to agree with which of the following statements?" or even "which of the following situations is most analogous to the situation outlined in the passage?" Note which details seem the most 'testable' to you. Note points of view: who believes what? What do they use to justify those beliefs?
Getting up to speed on RC is increasing your ability to take in information without READING in the traditional sense, which is what rhyme is after. Happy hunting!
p.s. here's a sample:
Quote:
1) The author of this post's primary purpose is to
a) Supplant rhyme's theory of 'skimming' reading comprehension passages with his own
b) Discuss useful GMAT test-taking strategies and offer relevant examples that are useful to test-takers
c) Encourage test-takers to supplement rhyme's reading comprehension suggestions with practical exercises
d) Raise doubts as to GMAT test-takers' ability to read entire RC passages and answer questions in the allotted time
e) Suggest a variety of practical strategies with which to create sample GMAT inference questions