Finding the right business (and life) partner

By Alec Hogg

What one needs to look for in a new business relationship has been on my mind a lot lately. So I turned to the Oracle of Omaha's views on the subject. As usual, Warren Buffett has sage advice.

In his 1989 letter to Berkshire Hathaway shareholders, Buffett explained that he learnt to only go into business with people he trusts and likes: "We do not wish to join with managers who lack admirable qualities, no matter how attractive the prospects of their business. We've never succeeded in making a good deal with a bad person."

And in life? My favourite is this characteristically succinct suggestion from Buffett's 54-year business partner Charlie Munger who, when asked how one gets a good wife answered: "Deserve them."