Warren Buffett and Charlie Munger knocked Robinhood, discussed the Archegos fiasco, and reflected on their friendship in a new interview. Here are the highlights

Warren Buffett. CNBCCharlie Munger and Warren Buffett participated in a CNBC interview, which aired Tuesday night.Robinhood and Archegos were criticized by billionaires investors, who then reflected on their friendship.Buffett and Munger also spoke out about remote work and the lessons learned from the pandemic.Check out more stories from Insider's business page.Charlie Munger and Warren Buffett discussed their legendary friendship, how they approach business and how Berkshire Hathaway was built in "Buffett and Munger: A Wealth Of Wisdom", a CNBC program that aired Tuesday night. It was filmed just after the Berkshire annual meeting.Both the Berkshire Hathaway chairman & vice-chairman criticized Robinhood and called for stricter regulations following the Archegos Capital fiasco. They also discussed the remote-working trend and shared the lessons they had learned from the pandemic.Buffett, 90, and Munger (97), met more than 60-years ago. They went on to create one of America's largest conglomerates. It owns companies like Geico, See's Candies and the BNSF Railroad. Additionally, it holds multibillion-dollar stakes at Apple, American Express Bank of America, Bank of America and Coca-Cola.These are some highlights from the interview.ArchegosBuffett and Munger began their interview by discussing the collapse of Archegos Capital in January and the loose lending standards that banks allowed for it.Munger singled Credit Suisse out as being particularly to blame and lamented that it took the financial crash to make regulators tighten their rules on risky behavior.Munger stated that Archegos took on billions in leverage to blow itself up and thought it was insane. It was the lure of the really cheap money the idiot was paying you, being the prime broker for some jerk.Munger said that banks should not have lent to Bill Hwang because the fund manager had pleaded guilty in the past to insider trading. Buffett stated, "You can't make good deals with a bad person. Just forget it."Munger stated that the law needs to be changed by regulators. "But, of course, if you run a gambling parlor you want the big gamblers to play more.He said, "We don’t want to seduce people into gambling more than their budget can afford."Buffett said that regulators have a difficult job because cracking down upon the most serious problems requires attacking the financial centers of large institutions.RobinhoodThey also discussed Robinhood, a trading platform they both attacked at Berkshire’s annual shareholder meeting.Munger stated that Robinhood is "a gambling parlor masquerading itself as a respectable company." It is a shameful thing."Buffett said that Robinhood does not encourage its users to invest long-term in low-cost index funds. It encourages users to trade and take leveraged positions.Munger said, "It's basically an sleazy and disreputable operation."BerkshireNext, Buffett and Munger discussed how they created Berkshire. They discussed the conglomerate’s early holdings, including Blue Chip Stamps as well as Berkshire’s original textile mills. How those businesses eventually failed was a reflection of how society has evolved.Buffett stated that Diversified Retailing was sold, and that the proceeds were returned to Berkshire. Based on Berkshire's stock prices, the investor estimated that this decision had generated approximately $25 billion in value.Buffett also spoke out about the mix of businesses that made Berkshire possible in its early years. Buffett said that it looked like spaghetti once upon a time.Role modelsThe pair then discussed their fathers' relationships. Buffett stated, "I have never heard my father say, ‘Be sure to pay all your debts’ in my entire life. But I watched him live."He said, "You want certain people in your life that you don’t want to disappoint." "You want people who make you better."Munger stated, "I was surrounded with high-grade people," referring to his father, who was a similar lawyer as him. "I was forced to imitate the right people."Buffett said that he recalled as a child how he would often drop in on four to five housewives while returning from Sunday mass. He enjoyed talking to older people.The investor stressed the power to choose who he wants in his life. He said, "We've had this luxury now for 60+ years or very close to it." That's better than 25-room homes and six cars. It's amazing to be able to do what you love in life and to have the opportunity to work with people who share your interests.Buffett also spoke out about his first impressions of Munger. "I knew that Charlie was going to be my friend forever when I met him, just a few minutes after we had sat down in the restaurant."He said, "We were going to have fun together. We were gonna earn money together. We were gonna get some ideas from each other. We were both gonna behave better than if our friends weren't together."Remote workBuffett and Munger also talked about how they coped with the pandemic. Munger stated, "I have fallen in love Zoom", and said he uses Zoom at least three times per day. It just adds so many conveniences."Buffett stated that he is not a Zoom guy and doesn't see the value in using it. He said that he finds the telephone a very satisfying instrument.