A good leader chooses good people.

To find good people, it’s important to listen carefully. The first time you meet, everybody’s on their best behavior. It’s not until you spend a lot of time with someone that you figure out whether your first impressions are right or not.

You want people who know what they can do, and do it. Even more important: You want people who know what they don’t know. People get into trouble because they think they can do it all.

As an investor, I was good at identifying people who could execute. Ideas are a dime a dozen. It’s the execution that’s really the important thing, and you need really good people for that.

I put a value on things that can’t be measured in dollars. Fire in the belly, intelligence, integrity, and intellectual honesty—the ability to see things as they are, not the way you want them to be.