Buffalo Hathaway Vice Chairman Charlie Munger's Quotes are the best investments in business

This story is part of a series of features on the subject of success, Benzinga Inspire.

A podcaster got to meet Charlie Munger and have dinner with the legendary investor and vice chairman of Berkshire Hathaway NYSE: BRK-A NYSE: BRK-B Here is the biggest piece of advice and key takeaway from the dinner.

What happened to Warren Buffett and Munger. They have been friends for years and have a great friendship to this day. Berkshire Hathaway could be different today if not for a chance meeting and Munger's desire to be around great people.

For one of the recent podcasts, Senra shared his thoughts on the book Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business and the Pursuit of Wealth by David Clark.

In the podcast episode, Senra mixes in quotes and thoughts from the book with real life answers he got from a dinner he had with Munger.

Charlie Munger had dinner with me. I had to see his library. While Senra shared several quotes from Munger in the book and some that he heard from Munger at dinner, he pointed out one that made the biggest impact.

The most important lesson I learned from him that night was Senra said the quote from Munger relates to a combination of 4 simple ideas:

Great people and great businesses produce fewer problems.

Charlie Munger says this is the smartest person he's ever met and it's not Warren Buffett.

Why is it important to know that a large part of people are searching for their goals and often don't reach where they are meant to be until later in life, according to Senra.

Your mission in life is to get into a great business and stay there and build relationships with great people. It will prevent the majority of problems that are under your control. Senra said Munger's four steps were for great.

The podcaster said that most people have to start more than one company to reach their goal, including Munger.

Munger was in his 40 s before he was doing full time what he was put on the earth to do. Munger became the Vice Chairman of Berkshire Hathaway in 1978 and is now the right-hand man to Buffett. The position came after a meeting between Buffett, Munger and two friends that led to the two talking about stocks.

Munger had recently worked at Buffett Son, a grocery store owned by Buffett's grandfather.

Buffett changed his investing principles with Munger on board, including concerns on diversification. Munger was able to get Buffett to not limit himself to the teachings of Benjamin Graham.

The idea was to buy businesses that throw off a lot of cash, and then use the cash to invest in and buy other businesses. Buffett was convinced by Munger to invest in Coca-Cola KO, a decision he may never have had without Munger's influence.

Buffett and Berkshire Hathaway were tremendously helped by going for great and surrounding himself with great people, and is one of the key pieces of advice he learned from Munger along the way.