CNBC - LIVE BLOG ARCHIVE: Warren Buffett News Conference

Asked about the partnership, Buffett says the two hit it off from the start, "rolling on the floor, laughing at their own jokes" and have "had a lot of fun ever since." They disagree sometimes, but they have never had an argument since 1959. Buffett says Charlie has taught him a lot about how to value a business and about human nature. Charlie has pushed him to buy into strong, solid businesses rather than be tempted by cheap "cigar butts."

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Munger says Buffett has influenced his life far more than he has influenced Buffett, especially since Buffett convinced him to give up his law practice. "We both like learning." Berkshire is an example of an "ever-learning machine." "The best thing a human being can do is to help another human being know more." They say they are blessed to know each other and to be able to work with such talented managers throughout Berkshire.