Sarah Paulson Recalls Cheering on BFF Amanda Peet in the Delivery Room: 'It Was Very Wild'

Fits of laughter. Finishing each other's sentences. Reminiscing about their youth. All of it bubbles to the surface when Sarah Paulson and Amanda Peet try to describe their friendship.

Having met as costars in the 1999 series Jack & Jill, the two have since shared all of life's moments together. "It's one of the longest [friendships] of my life," says Paulson. "I find it incredibly grounding, but also wildly chaotic in the most fun way possible."

Paulson, 47, was even in the delivery room when Peet, 50, became a mom. "It was very wild, and very, very poignant," the actress says of the birth of Peet's daughter, Frankie. "And now she's a 15-year-old person walking around." Adds Peet: "I get street cred for being her friend, from my daughter."

How do the two complement each other? "Well, we share our love of acting and we have very similar taste in acting in things," says Peet.

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"She can be much more pragmatic and it's very grounding for me when I get a little like whirling dervish," adds Paulson. "It's because [she] went to college, and [she has] an excellent education. And I graduated high school and that's it. So I always assume that she's doing the right thing mentally, intellectually, and I'm not."

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"Right. And what she doesn't understand is I went to college, and the entire time I was just in therapy, and worrying about boys," says Peet. "So I learned nothing and I read nothing."

"I joked that I went to Amanda Peet University, because I learned about all the books to read, and all the things to do and be, based on all the things she did already and learned," insists Paulson.

"100 percent not true," says Peet.

"Factual," insists Paulson.

"Now we're fighting," Peet says.

"This is what it looks like," says Paulson.

Pinpointing what they most love about each other "is like saying what's great about the daytime," adds Peet. "I don't like it when she leaves me. It's like we were separated at birth."

For more of Paulson and Peet's exclusive interview, pick up this week's issue of People, on newsstands Friday.