Gathering fragments of wool torn from sheep by bushes, etc.(noun)
Indulging in idle fancies or daydreams.(noun)
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Use "woolgathering" in a sentence
"Perpetual regret well describes the mood of the speakers in "Great House," and at times their stories recede into sloughs of forlorn woolgathering."
"Like woolgathering and other empty pursuits, wistful might-have-beens had no place in my mind."
"People my age or not too much younger may remember times as a child -- and even later -- when they stared aimlessly at sunlight playing on trees, or lay on their backs looking up at clouds or otherwise engaged in that hopelessly antediluvian activity -- woolgathering."