Most Powerful Women

Warren Buffett and Charlie Munger's best advice

October 31, 2013: 11:50 AM ET

The world's greatest investing duo talk about how they've helped each other exceed at investing--and life.

Munger and Buffett Credit: Robyn Twomey

Munger and Buffett  Credit: Robyn Twomey

Warren Buffett and his lifelong investing partner Charlie Munger are rarely interviewed together except in front of 30,000-plus shareholders at the Berkshire Hathaway (BRKA) annual meeting in Omaha each spring.

So, my recent sit-down with the two investing legends was a special event.

The new issue of Fortune features Buffett, 83, and Munger, 89 and other super-successful duos who have thrived by sharing advice with one another over the years. Here's an expanded piece of my interview that didn't make it into the magazine. You don't have to be a billionaire to understand that following  this advice can lead to a truly successful life.

Buffett (about Munger): He's given me a lot more advice than I've given him. He lives a very rational life. I've never heard him say a word that expressed envy of anyone. He doesn't waste time on senseless emotions.

Munger: There's an old saying, "What good is envy? It's the one sin you can't have any fun at." It's 100% destructive. Resentment is crazy. Revenge is crazy. Envy is crazy. If you get those things out of your life early, life works a lot better.

Buffett: It so clearly makes sense.

Munger: We've learned how to outsmart people who are clearly smarter [than we are.]

Buffett: Temperament is more important than IQ. You need reasonable intelligence, but you absolutely have to have the right temperament. Otherwise, something will snap you.

Munger: The other big secret is that we're good at lifelong learning. Warren is better in his 70s and 80s, in many ways, that he was when he was younger. If you keep learning all the time, you have a wonderful advantage.

Watch Buffett sharing more wisdom--on investing, the economy, and life—here at the recent Fortune Most Powerful Women Summit in Washington, D.C.

And here's the playlist of all the Fortune MPW Summit main-stage interviews, including IBM (IBM) CEO Ginni Rometty, Lockheed Martin (LMT) chief Marillyn Hewson, Facebook's (FB) Sheryl Sandberg--and my conversations with Tory Burch, Chelsea Clinton, Supreme Court Justice Elena Kagan, tennis legend Martina Navratilova, and Yahoo (YHOO) CEO Marissa Mayer.

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About This Author
Pattie Sellers
Pattie Sellers
Senior Editor at Large, Fortune
Executive Director of MPW/Live Content, Time Inc.

Pattie Sellers has written more than 20 Fortune cover stories including "Marissa Mayer: Ready to Rumble at Yahoo," "Muhtar Kent's New Coke," "Oprah's Next Act", "The $100 Billion Woman" (Melinda Gates), and "Gone with the Wind" (Ted Turner). She co-founded Fortune Most Powerful Women and oversees the Fortune MPW Summit, the preeminent gathering of women leaders in business and beyond—and programs such as Fortune MPW Entrepreneurs and the Fortune-U.S. State Department Global Women Leaders Mentoring Partnership. Pattie also develops Live Content across Time Inc. Her blog, Postcards, is about how power players lead and navigate their careers. Pattie won Time Inc.'s prestigious MVP award for her performance in 2012.

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