New Delhi, Feb. 24 -- Charles Thomas Munger, co-founder of Berkshire Hathaway alongside Warren Buffett, has a following of his own, as the late billionaire investor has left behind a treasure trove of tried and tested investing advice over the years.

Buffett (95), also known as 'The Oracle of Omaha' for his impeccable investment decisions over the years, himself credits Munger for a key principle on avoiding major mistakes: "Really good investment opportunities aren't going to come along too often and won't last too long, so you've got to be ready to act and have a prepared mind."

"The big money is not in the buying and the selling, but in the waiting."

The quote is from Munger's book Poor Charlie's Almanack (2005), and at its core, em...