Berkshire Hathaway (BRK-A, BRK-B) Vice Chair Charlie Munger died on Tuesday, November 28, at the age of 99. Through his long-time friendship and partnership with Berkshire Hathaway Founder and CEO Warren Buffett, Munger has left his mark on the investment institution and the investing world at large.

Smead Capital Management CIO Bill Smead and Portfolio Wealth Advisors President and CIO Lee Munson sit down with Yahoo Finance to remember Munger's legacy and the investment principles he instilled upon Berkshire Hathaway that allowed it to grow.

"Munger always wanted to get fabulous companies at a reasonable price, and Buffett didn't," Munson explains. "And he taught Buffett how to buy great companies versus being stuck in that 1930s mentality from Benjamin Graham of 'only look at the cheapest things on Earth.'"

Click here to watch the full interview on the Yahoo Finance YouTube page or you can watch this full episode of Yahoo Finance Live here.

This post was written by Luke Carberry Mogan.

Video Transcript

- When you think about the hallmark strategy, the mindset that Munger leaves behind and that the markets will forever remember, what comes to mind for you?

LEE MUNSON: Own good companies and just sit on your butt, right?

Charlie Munger was really more of the punk rocker of Wall Street.

When I was growing up, my dad always said, you know, Buffett's a showman, but Munger is a guy you got to follow.

That's a guy you really want to be in some way, shape, or form.

What Munger is always-- what I got from him was, number one, I'm a valued player.

And that's a problem because you always want to find good deals and great prices.

But what Munger brought to the table with Berkshire Hathaway, specifically Warren Buffett, was to get him to buy really great companies at merely good prices.

You know, I wonder would Buffett would have bought Coca-Cola or bought Apple Computer if it wasn't for Munger's influence?

And so I think for all the value players out there and everybody who follows Buffett and is kind of a cult, which there's a lot of us out there, is just remember.

Munger always wanted to get fabulous companies at a reasonable price, and Buffett didn't.

And he taught Buffett how to buy great companies versus being stuck in that 1930s mentality from Benjamin Graham of only look at this cheapest things on Earth.

And Munger said, yeah, but are they going to keep working after we're dead?

Are they going to keep producing?

Are they really a great company?

Or are you just buying something because it's $15 in cash, and they've got $10 in shares?