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Jason Calacanis is a serial entrepreneur and angel investor, who has been an early backer of prominent technology companies like Uber, Wealthfront and Thumbtack. The following post first appeared on his personal website. You can follow him on Twitter @jason.

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. Read more…

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