EXCLUSIVE: When Warren Buffett Met Bill Gates...And How Many Microsoft Shares He Wished He'd Bought

Warren Buffett, Chairman and CEO of Berkshire Hathaway (NYSE: BRK-B), was in Detroit last month. The billionaire sat down with Quicken Loans Chairman and Founder Dan Gilbert, along with President and Chief Marketing Officer Jay Farner, for an hour-long chat.

After discussing a range of issues from investing to his theory on the markets, Warren Buffett recalled meeting the founder of Microsoft Corporation MSFT two decades ago.

“I believe in investing in what you understand,” Buffett said.

“I met Bill Gates on July 5, 1991, and we actually talked for 10 hours that day. He was explaining his business to me and I was explaining what I do to him. When I got all through, I bought 100 shares of Microsoft just to keep track of him.

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“Now if I'd bought 100,000 shares -- or 100 million shares -- that would have been a lot more sensible,” the Berkshire Hathaway founder quipped. “But I don't mind missing that because that's not my game.”

Gates has a net worth of about $81 billion, tops in the United States.

Buffett comes in second on that list at about $74 billion.

In the interview, Warren Buffett also discussed his investment strategy, why he's so bullish on America, and what he'd do with his last $20,000.