Pain-Avoiding Psychological Denial One should recognize reality even when one doesn’t like it. - Charlie Munger

Look first for someone both smarter and wiser than you are. After locating him (or her), ask him not to flaunt his superiority so that you may enjoy acclaim for the many accomplishments that sprang from his thoughts and advice. Seek a partner who will never second-guess you nor sulk when you make expensive mistakes. Look also for a generous soul who will put up his own money and work for peanuts. Finally, join with someone who will constantly add to the fun as you travel a long road together.

We have three baskets: in, out, and too tough. … We have to have a special insight, or we’ll put it in the “too tough” basket.

It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going after mediocre opportunities.