New Delhi, Feb. 15 -- Charles Thomas Munger, was the co-founder of Berkshire Hathaway alongside Warren Buffett, and a key reason for the company's success. Better known as Charlie Munger, the late investment guru over the years had a treasure trove of advice for investors looking to make their mark.

One key advice: "Be prepared to act when opportunities arise".

"A lot of opportunities in life tend to last a short while, due to some temporary inefficiency... For each of us, 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."

A transcript from his talk at the Wesco Financial Annual Meeting in May 2003, Munger's quote stresses two im...