Warren Buffett is one of the most remarkable success stories in business history. With a net worth of over $164 billion and a career spanning over seven decades, Buffett has become known as the “Oracle of Omaha” for his investment wisdom and business acumen.
Buffett’s philosophy is particularly valuable because it focuses on what successful people do and what they deliberately avoid. While many chase quick wins and follow conventional wisdom, Buffett has consistently taken a different path.
His approach to success is as much about elimination as it is about action. By understanding what Buffett considers time-wasting activities, we can adopt principles that have created extraordinary results. Let’s explore five critical things that people with a success mindset, according to Buffett, don’t waste their time on.
1. Persistently Patching Chronically Leaking Boats
“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more pure than energy devoted to patching leaks,” Buffett famously advised. This powerful metaphor captures a fundamental principle of successful people: they know when to move on from failing ventures rather than continuously fixing symptoms of deeper problems.
Buffett himself demonstrated this wisdom when he chose to exit Berkshire Hathaway’s textile manufacturing operations despite it being the original business of his now-famous conglomerate. He recognized that the textile business faced fundamental competitive disadvantages that couldn’t be overcome with incremental improvements. As he succinctly puts it, “turnarounds rarely turn.”
This principle applies beyond business. Whether it’s a career that no longer offers growth, an investment strategy consistently underperforming, or even personal relationships that drain rather than energize, successful people evaluate situations objectively. They ask: Is this a temporary setback that can be fixed, or am I facing a fundamental mismatch that demands a new direction? The difference between perseverance and stubbornness often lies in honestly answering this question.
2. Engaging in Purposeless Activity and Impulsive Decisions
Contrary to the modern glorification of “hustle culture,” Buffett believes constant activity without a clear purpose is counterproductive. “I insist on spending a lot of time, almost every day, just sitting and thinking,” he explains. “I do more reading and thinking and make less impulse decisions than most people in business.”
This deliberate approach has been a cornerstone of Buffett’s success. While others jump from opportunity to opportunity, Buffett is known for his patience and thorough analysis. He spends around five to six hours daily reading reports, newspapers, and books to build his knowledge base and inform his decisions.
His partnership with Charlie Munger exemplifies this approach. They don’t make rash investment decisions, even when the market demands quick action. This discipline requires comfort with periods of inactivity—something many find challenging in today’s fast-paced world. The next time you feel compelled to act merely for the sake of doing something, consider Buffett’s wisdom that quality thinking time often delivers better outcomes than constant action.
3. Following Popular Opinions and the Crowd Mentality
Buffett’s contrarian investment philosophy is captured in his famous advice: “Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.” This principle extends beyond investing to all aspects of success.
During market crashes, while others panic sell, Buffett often sees opportunity. During the 2008 financial crisis, he invested $5 billion in Goldman Sachs when many questioned the banking system’s survival. His guiding principle—“Be fearful when others are greedy and greedy when others are fearful”—demonstrates how independent thinking drives exceptional results.
Successful people understand that following the crowd leads to average outcomes at best. Innovation requires thinking differently from the majority, whether in business, investing, or career choices. This doesn’t mean contrarianism for its own sake; instead, it means developing the capacity to analyze situations independently without being swayed by popular sentiment. As Buffett says, “A public opinion poll is no substitute for thought.”
4. Saying Yes to Everything That Comes Their Way
One of Buffett’s insights is, “The difference between successful people and unsuccessful people is that successful people say no to almost everything.” Focus becomes a competitive advantage in a world of endless opportunities and distractions.
Buffett applies this principle through his concept of the “circle of competence.” He deliberately limits his investing to areas he understands well, avoiding ventures outside this circle no matter how attractive they might seem. “I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over,” he explains.
This selectivity extends to how he manages his time and attention. Despite his wealth and influence, Buffett maintains a relatively simple schedule, focusing on activities that deliver the highest value. He understands that every “yes” carries an opportunity cost—time and energy that can’t be devoted to something potentially more valuable.
Developing the discipline to say no becomes increasingly essential for those seeking success as opportunities expand. The most successful people aren’t those who pursue everything but those who carefully select where to focus their limited resources.
5. Neglecting Investment in Personal Development
“The most important investment you can make is in yourself,” Buffett has consistently emphasized throughout his career. Despite his extraordinary wealth, he recognizes that personal development yields the highest returns.
Buffett illustrates this with a powerful analogy: “Imagine that you had a car and that was the only car you’d have for your entire lifetime. Of course, you’d care for it well, changing the oil more frequently than necessary, driving carefully, etc. Now, consider that you only have one mind and one body. Prepare them for life, care for them. You can enhance your mind over time.”
Early in his career, Buffett recognized that his fear of public speaking limited his potential. Rather than accept this limitation, he invested in Dale Carnegie’s public speaking course—a decision he considers one of his most valuable investments. He has stated that improving your communication skills can increase your value by at least 50%.
This philosophy applies to both skills and character development. “Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you. You think about it; it’s true. If you hire somebody without integrity, you really want them to be dumb and lazy.” Those with a success mindset recognize that investments in knowledge, skills, and character compound over time, just like financial investments.
Conclusion
Warren Buffett’s extraordinary success stems not just from what he does but also from what he deliberately avoids. By refusing to waste time persistently fixing fundamentally flawed situations, engaging in purposeless activity, following a crowd mentality, saying yes indiscriminately, or neglecting personal development, he has created a blueprint for sustainable success.
These principles transcend investing and apply to all areas of life. They invite us to be more thoughtful about allocating our most precious resource—time. Buffett writes, “You only have to do very few things right in your life so long as you don’t do too many things wrong.”
The path to exceptional results often begins with elimination rather than addition. By identifying which of these time-wasters might be holding you back, you take the first step toward adopting the success mindset that has served Warren Buffett throughout his remarkable career. Small shifts in how you allocate your attention and energy today can produce significant results in your future, creating your version of the “Buffett compound effect.”