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Jason Calacanis, serial entrepreneur and angel investor.IMAGE: FLICKR, JOI ITO

This week I was asked to speak to a dozen billionaires at a secret meeting about putting $100b to work. They wanted me to talk about what I’ve learned over the past five years as an angel investor.

Well, here it is.

It took me five years, but I’ve learned what the two most important factors are in the success of an angel investor. It’s not being smart, it’s not being diligent, and it’s certainly not being a visionary.

Image: Jason Calacanis, serial entrepreneur and angel investor.IMAGE: FLICKR, JOI ITO