Warren Buffett shed light on his bond with Bill Gates and his choice to halt yearly contributions to the Gates Foundation during a discussion with CNBC's Becky Quick on Wednesday.

The famed investor and Berkshire Hathaway chairman noted he had examined much about Gates' ties to Jeffrey Epstein. Although the matter was unpleasant, he acknowledged that people make errors when judging others.

Buffett remarked that he saw nothing in the transcript of Gates' voluntary testimony to the House Oversight Committee that went beyond what he could picture himself doing.

Gates explained he was introduced to Epstein by trusted associates and met him several times from 2011 to 2014 for philanthropic fundraising efforts.

The Microsoft cofounder stated he never saw any criminal conduct by Epstein, never visited his island, and did not pursue a personal relationship with him.

Gates described his association with Epstein as a grave error in judgment motivated by hopes of raising funds for global health initiatives.

Buffett observed that no one succeeds every time when selecting people to work with.

Buffett, who announced this week a total of $6 billion in Berkshire stock donations to four family foundations, explained to Quick why he was not directing the main portion of his annual gift to the Gates Foundation as before.

The legendary stock picker, who turns 96 in August, said he has already given the Gates Foundation substantial funds, that it possesses ample resources, that Gates has his own means, and that he now trusts his children with his estate.

Buffett stated in a release on Tuesday that he hopes his three children can distribute all of his Berkshire stock, which makes up over 99 percent of his wealth, by the end of 2034.

Buffett noted he has done something similar to Gates, who last year said he would give away virtually all his wealth through the Gates Foundation over the next 20 years.

The Gates Foundation said it is grateful to Buffett for decades of support and more than $47 billion in gifts and remains positioned to advance its work through 2045 with support from Bill's $200 billion commitment.

The former Berkshire CEO, who handed leadership to Greg Abel at the start of this year after six decades, said Gates visited him in Omaha a few weeks ago and they spent about three hours talking.

Buffett, who first met Gates on the Fourth of July weekend in 1991, said they have shared an enormous number of good times and a wonderful friendship.

After the interview, Quick revealed that Buffett broke his leg a few weeks ago and had surgery but is recovering well and can walk with some assistance.