I present to you, the real life definition of working smarter, not harder...
He goes to work at normal 8-5 hours with a long lunch. He does nothing but read for the first 4 hours before lunch and then returns phones calls and talks to his individuals chiefs of other companies that Berkshire owns. He then goes home and reads more newspapers or plays bridge at home on the computer.
For such an important person you'd think his schedule would have become exponentially more hectic. But all this does is show you that he's doing it right. He has the right people in place to do what they do best. He's a type A personality, but not a control freak. When you realize that people around you can do a better job than you, just let go and let them do it.
EVERY DAY THAT YOU GO INTO WORK, YOU SHOULD BE TRYING TO WORK YOURSELF OUT OF YOUR JOB. The 80/20 principle at its finest. Think about it...