Let me first point out, that I am not an english major or anything close to the sort. My points are pretty brief and my thoughts often are scattered. So bear with me.

I know it's about a week and a half late, but here ya go, just a little rundown of what I was able to absorb from the discussion:

Before Buffett and Gates came out, they showed videos of them with Judge Judy, Jimmy Buffett, Arnold Schwarzenegger, (which was very humourous), and Napoleon Dynamite.

Buffett entered the stage wearing a Nebraska leather coat, and a red Nebraska shirt underneath to support his alma mater. Gates wore in a Harvard sweatshirt, but removed that a few minutes into the discussion. Both sipped on Coke products during the discussion (UNL is an all Pepsi campus) Buffett mentioned that for about one out of every fifteen Cokes he gets a profit. Not sure if that's a correct assessment, but the point was taken clearly enough. Warren continued by saying that we didn't even need to drink them, just cracking them open would be fine with him.

The event began with a question about ethical leadership in large companies. Buffet replied by saying that he tells his managers to judge everything by the “newspaper test” - if the managers wouldn't be comfortable having their actions printed in the newspaper for all to read, then they shouldn't be doing it.
“We have all the money we need. We can afford to lose money, but we can't afford to lose reputation.” - Warren Buffett

One student did ask Gates if he planned on taking over Berkshire when Buffett retires. Gates replied by saying that he only plans on being a good adviser. (I think someone touched on this on the BRK board)

Both Buffett and Gates said they wouldn't mind bearing a heavier tax burden when a student asked them their thoughts on adopting a flat tax rate. Buffett elaborated by saying that the current tax system needs to be more progressive. He got a round of applause after pointing out that many soldiers fighting in Iraq pay higher tax rates than he does.
“I frankly think it's very unfair..” -Buffett

When asked who they go to for advice, Gates said that he goes to a close group of advisers. Buffett, who did a good job of keeping the atmosphere of the event light, said “I look in the mirror.” All joking aside, he explained that with what he does, he can't really go to anyone for advice because he isn't trying to do what everyone else is doing. He said he feels that the more people he would ask for advice, the less original his ideas would get.

A student asked a question that really showed how different the personalities of the two moguls are. According to Gates, his schedule is usually packed with meetings and places for him to be. Gates said he was impressed after finding out how open Buffett's schedule is. He said that he has learned a lot from Warren about how to prioritize and focus on work that makes a difference. Buffett mentioned that he hates meeting and “The truth is, I don't get invited anyplace”.

Both said that their biggest business mistakes were usually opportunities that they missed out on rather that investment that went bad.
“I was sucking my thumb when I should've been writing checks” - Buffett

When asked his thoughts about the airline industry, Buffett was clear about how terrible of an industry he thought it was to try to invest in. He mentioned he had made some attempts to invest in the past, without good success. He said he could make the industry a great industry if he blew up about 25 planes. Then demand would be higher than supply.

During the entire discussion, they poked fun at each other and kept the atmosphere very casual and down to earth. They talked extensively about their playing of bridge. Warren said he enjoys playing on the computer because he can eat and play in his pajamas.

In one question they were asked what superpower they would like to have. Gates talked about extending lifetime, and both said that they would like to be able to speed read.
“I probably wasted 10 years of my life reading slowly” - Buffett

Aside from all the business questions asked of them, the discussion took a large swing in the area of their philosophies on life and their philanthropic efforts.

Buffett said that he wanted to help reduce the threat of nuclear weapons, while Gates mentioned his interest in biology, medicine, finding cures for diseases and making sure all people have their basic health needs met.

The two talked about how caring too much about what people think can lead to a “hollow” feeling. Gates said his dad taught him to find meaning in life by concentrating on his “inner score card” more than his “outer score card.”

During a question about the hardest decision they have had to make in their life, Gates had an interesting reply. He mentioned that dropping out of school was one of the easiest decisions of his life, he said he knew it was the right thing to do (although he admitted he knew his dad wouldn't see it that way) He said the hardest decision of his life would have probably been deciding on whether or not to get married. Buffett mentioned that the hardest decision for him was to move back to Omaha after working for his friend in New York. (Not familiar with his friend's name or where he worked, forgive me) Gates also mentioned his struggle with overcoming procrastination stemming from his collegiate days at Harvard.

When asked which profession each would pursue if they couldn't do what they do today, Buffett responded by saying that he would probably be a journalist. His family has a journalism background and it has always interested him. (His dad and mom met while working for the college newspaper) Gates said that he would choose to do something in the medical field.

Before concluding, Gates and Buffett both told the students that they were their own biggest asset. They encouraged them to do what they love, form good habits, and surround themselves with good people.

There are a couple of things that I wanted to also mention in there, and I can't think of them right now. (It's almost 1:30 a.m., eyes getting heavy) If I remember them and they are worth mentioning, I'll put them up for everyone.

- John