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David Goldman / AP for CNBC Gates flashes a Harvard 'H' as he appears with Warren Buffett before Columbia University students

Warren Buffett and Bill Gates answered questions from more than 700 cheering Columbia University students gathered in a campus auditorium for a 90-minute CNBC Town Hall event that will air at 9p ET tonight.

Despite the nation's economic problems and bleak job prospects for many of those attending, the mood has been very upbeat.

Gates said he's excited to be here to share his "optimism."

The early questions addressed Buffett and Gates' views of capitalism in the wake of the massive financial crisis that has rocked the world over the last year. Buffett says there were some difficult times but he never had a doubt that the American "way of life" would survive.

Speaking of the severe problems last fall at the height of the crisis, Buffett said, "Our economy was sputtering" and "is still sputtering some."

Gates says American capitalism will need some "tuning" but the basic system is strong.

Buffett repeats his belief that investors shouldn't try to "time" the markets, and should look for good long-term values instead.

He says he sees more opportunities in U.S. investments than those in other countries because the U.S. has the world's largest economy.

The students in the audience listened attentively, enthusiastically laughing at Buffett's frequent jokes, and applauding often and strongly. At the conclusion of the 85-minute taping, Buffett and Gates received a strong, standing ovation.

David Goldman / AP for CNBC

They are a fairly clean-cut bunch here in the audience, with many of the men wearing jackets and ties. I haven't seen anyone in a t-shirt.

Some of the questions have been from students seeking life and career advice. Buffett tells them to do what they love, not what they think will make them a lot of money. He says he was lucky to figure out what he loved early on in life. Plus, says Buffett, it's very important to "get married to the right person."

버핏 할아버지께서 세상에 애기들한테 " 너네가 사랑하는 것을 하라구, 돈 많이 벌게 해주는 일을 생각하지 말구" 글구 하나더, 세상에서 정말 자기에게 맞는 사람과 결혼하는 것이 아주 중요하며. 삶속에서 일찍이 자기가 사랑하는 것을 발견한 것은 행운이였다구.

Gates tells the audience they should read and learn as much as they can. He also says it is important to think "long-term" and to have a healthy self-confidence.

When asked for his assessment of Apple CEO Steve Jobs (a question that produced a loud laugh from the crowd,) Gates was very complimentary, praising him for "saving the company" after his return several years ago.

As the audience was filing out, I asked one student whether she had found any inspiration in what Buffett and Gates had to say. She smiled, and said that she was inspired to try and find her own inspiration.

David Goldman / AP Columbia Business School students arrive in Lerner Hall for Buffett/Gates Town Hall

Warren Buffett and Bill Gates: Keeping America Great, a CNBC Town Hall Event hosted by Becky Quick, airs tonight (Thursday) on CNBC television at 9p and 12a ET.

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