That is ‘what we actually wished’ greater than cash

Warren Buffett and Charlie Munger were there Friends for over 60 years and business partners since 1978. During this time, they both became billionaires building Berkshire Hathaway to a $ 630 billion investment giant.

But at least all the money wasn’t even the biggest win of their decades-long partnership to hear the two wealthy ninety-year-olds talk.

“We made a lot of money, but what we really wanted was independence,” Buffett, the 90-year-old investment icon, told CNBC Becky Fast in an interview that aired on Tuesday as part of the special.Buffett & Munger: A Wealth of Wisdom. ”

Buffett went on to explain that the “independence” he and Munger strived for has to do with being able to choose who they interact with on a daily basis, whether in business or private life.

“What’s really great is when you can do what you want to do in life and connect with those you want to connect in life, and we both have had that spirit all along,” Buffett said, naming it is “one of the luxuries of life.”

Berkshire’s success has meant Buffett and Munger spent decades making their own decisions about the companies they invest in and the employees or partners they work with, and they could do all of these do while working closely together.

“When we were associated with idiots, that was our problem, but we didn’t have to. We have had this luxury for 60 years or almost now,” added Buffett, calling this freedom more important than other insignia of wealth such as expensive physical goods : “That beats 25-room houses or six cars.”

“It’s better to work with people who are better than you,” Buffett said, referring specifically to his friendship with Munger.

When CNBC’s Quick asked the couple how quickly they can usually determine if someone they meet is someone they want to connect with, 97-year-old Munger replied, “It’s amazing how quickly we do this and how few bad mistakes we make. “

“I do not know exactly [what we look for]”Added Buffett, even though he says he knew immediately that he and Munger understand each other and would have a long friendship and partnership afterwards the couple met over dinner Arranged in 1959 by mutual acquaintances.

“I knew after meeting Charlie, after a few minutes at the restaurant, I knew that this guy would be in my life forever. [I knew] We wanted to have fun together, we wanted to make money together, we wanted to get ideas from each other [and] we’d both act better than if we didn’t know each other, “Buffett told CNBC.]

When asked what the two friends admire about each other, Munger was quick to mention that he and Buffett share a similar sense of humor. (Earlier in the interview, Munger noted that over 60 years ago, thanks to a shared sense of “reference”, he and Buffett immediately hit it off, where they didn’t take themselves or others too seriously.)

“Well, I like the humor, of course, but [him being] Reliability is really important, “Munger said of Buffett.

In response to the same question, Buffett took a more serious note, pointing out Munger’s philanthropic endeavors, including Donate $ 21 million to the Good Samaritan Hospital and Giving hundreds of millions of dollars Build student dormitories at schools like the University of Michigan and the University of California, Santa Barbara.

“He has donated to individuals and to society,” said Buffett, who himself donated more than $ 41 billion to charitable causes, and plans to give away the majority of its roughly $ 100 billion wealth as part of “The promise of giving. “

Buffett added that he also admires Munger’s honesty and fairness as a friend and business partner.

“Charlie never shadowed anything he told me to present it to me other than reality, or he never did anything I saw that was in any way selfish to be a partner,” said Buffett. “He makes me better than I would otherwise be and I don’t want to disappoint him.”

“You had the same thing, the other way around,” replied Munger.

Watch CNBCs Warren Buffett and Charlie Munger: A Fortune of Wisdom on Youtube.

Do not miss:

Warren Buffett and Charlie Munger haven’t argued in 60 years – here’s why

Warren Buffett gave away half of his vast fortune. Therefore, his children will almost never get any of his $ 100 billion