Warren Buffett's right-hand man shapes his investing approach and keeps him disciplined, 'Shark Tank' star Kevin O'Leary says

• Warren Buffett's business partner, Charlie Munger, molded the Berkshire Hathaway CEO's investing approach and helps keep him disciplined, "Shark Tank" star Kevin O'Leary said on the "Industry Focus" podcast.
• "There's nothing wrong with Warren Buffett, but you want to know where all that philosophy comes from and who keeps Warren Buffett on a straight track, it's Charlie Munger," O'Leary said.
• The O'Leary Funds and O'Leary Ventures boss cited Munger as a major influence on his own investing style.
• "I have a little Charlie Munger on my shoulder every day when I look at a deal, and he's just saying two words, "Cash flow, cash flow," O'Leary said.
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Warren Buffett's right-hand man, Charlie Munger, shaped the Berkshire Hathaway chief's investing style and has kept him out of trouble for years, according to "Shark Tank" star Kevin O'Leary.

"Charlie Munger is my guy," O'Leary said on a recent episode of the "Industry Focus" podcast. "There's nothing wrong with Warren Buffett, but you want to know where all that philosophy comes from and who keeps Warren Buffett on a straight track, it's Charlie Munger."

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Buffett has endlessly praised his 97-year-old business partner's intelligence and discipline. The billionaire investor jokingly described Munger as the "abominable no-man" during Berkshire's shareholder meeting in 2014, underscoring his vice-chairman's commitment to turning down all but the most compelling opportunities.

O'Leary - whose nickname is "Mr Wonderful" - made millions when he sold The Learning Company to Mattel in 1999. His "Shark Tank" investments include LovePop, Wicked Good Cupcakes, and Geek My Tree.

The O'Leary Funds and O'Leary Ventures boss joined the podcast to promote his new investing app, Beanstox, and bemoan the lack of financial literacy and investing among millions of Americans. He also explained how Munger has influenced his personal approach to investing.

"Cash flow, that's what he believes in," O'Leary said. "I have a little Charlie Munger on my shoulder every day when I look at a deal, and he's just saying two words, "Cash flow, cash flow."

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Munger is "the most astute balance-sheet guy in the world," O'Leary continued. "No BS guy, says it the way it is, you can't sell him crap, it's impossible."

O'Leary acknowledged that Munger eschews speculative bets and therefore misses out on many stocks that deliver huge returns.

"But because he stays onto the straight and narrow on cash flow, he is an incredibly wealthy and successful man," O'Leary said. "You can't go wrong with cash flow."