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Hundreds of investors ask me questions each year about the dilemmas they confront. Their worst problem? Uncertainty. They are traumatized and become emotional or confused to the state of inaction. Even worse, they try to solve a short-term problem in a way that hurts them financially in the long run.

Great investors need to have the right combination of intuition, business sense and investment talent.

Investors should invest on what they know. The biggest mistake is to invest on what they don't know.

But successful investors tend to be not too self-destructive. They tend to be patient, they tend not to follow the crowd, and they tend not to be too guilty about winning.

Investors don't like uncertainty.

Having an investor on your board of directors who is naive about public markets or finds them complex or scary is non-optimal.

There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.

Beware angel investors: they can be disruptive.

I'm not emotional about investments. Investing is something where you have to be purely rational and not let emotion affect your decision making - just the facts.

Investors have to ask themselves two questions. How much can we grow our investments? And, can we afford our mistakes?