Iconic investor and Berkshire Hathaway (BRK-A, BRK-B) Vice Chair Charlie Munger passed away on November 28 at the age of 99 and his impact on the business world is undeniable. George Washington University Professor Lawrence Cunningham and Wall Street Journal Special Writer Gregory Zuckerman join Yahoo Finance Live to weigh in on what made Munger's friendship and business partnership with CEO Warren Buffett so special and unique.

Cunningham insists that the most important characteristic in finding similar success to Munger and Buffett is to “find someone to bounce things off of”, noting Munger’s candid approach to advising Buffett “saved Berkshire many billions of dollars."

With Munger’s passing many questions about the future of investment have arisen and Zuckerman acknowledges “things have changed" in the investing landscape, but Munger's approach individually and with Buffett has reshaped key principles.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Video Transcript

- If someone is watching this right now, and they're trying to figure out, can I invest like a Charlie Munger? Can I do what he did? What are some of his characteristics, and can they be replicated? Can I jump into his shoes and find success?

LAWRENCE CUNNINGHAM: Well, I'd say the number one lesson is to find a good partner. Both Charlie and Warren credit each other for their own success. And they would have been successful without each other. But the stratospheric successes they achieved was because they had a reliable, trustworthy, intelligent partner.

So that would be tip number one, whether it's your spouse, your business partner, or someone. Could be your parents. But find someone to bounce things off of.

Charlie saved Berkshire many billions of dollars by telling Warren no, don't do that. That'd be a mistake. And so, having someone to check your logic, check your rationality, would be extremely important.

- Are there other investing legends alive right now, outside of Warren Buffett? Do you see a next generation forming, or who does that torch get passed to, from Buffett and Munger?

LAWRENCE CUNNINGHAM: Well, they've got a great brain trust right there at Berkshire Hathaway with Todd Combs and Ted Weschler who manage the common stock portfolio. And Greg Abel and Ajit Jain, who are the vice chairs, who allocate abundant capital. And so, that generation is formidable at Berkshire. And indeed, at least in terms of the philosophy that Charlie is famous for, tens of thousands of people have learned it, have embraced it. And I think they'll continue to flourish by applying those principles.

JULIE HYMAN: And Greg, when you talk to Charlie and to Warren, and to other people in the Berkshire universe for that matter, what kind of perspective did you get on what sort of shaped them historically, for that matter as well? You know, when you hear Munger say things like there aren't as many opportunities now as there were when he started out. You know, what's sort of the historical context?

GREGORY ZUCKERMAN: Well, things have changed. And he acknowledged that to me. I mean, frankly, there were turns over the last decade or so, are not nearly what they were in the past. So markets are much more efficient.

And also, their approach, which has worked, doesn't work for everyone. They've had a lot of good fortune as well. And Charlie, frankly, has done really great things away from Warren and away from Berkshire Hathaway, which you got to give him a lot of credit for too.

Things like Costco and BYD. Yeah, Berkshire got involved a little bit, then got out. But I find it just as fascinating that Charlie made these big bets on his own. He had conviction away from Berkshire Hathaway and away from Warren Buffett. And you got to give him a lot of credit for that.

I mean, Costco was a lifelong love affair he had-- or decades-long love affair he had with Costco to the end. He's a director. And he was a big believer to the end.

He spoke all about the beauty of retail. And Warren wasn't a believer necessarily in retail. So while we have to acknowledge their partnership and how they helped each other, and they really did, you also got to give Charlie some credit for some of his own investing.