My Investments: Try to invest in something you understand

My house. It’s on the river just south of Leeds and I think it has the best view in the city. It makes me smile every time I look out of the window.

Are wise investors born or made?

A bit of both. The wisdom part is probably made from experience but investors need to be born with some appetite for risk.

You need to accept that you might lose.

Do you believe it’s become harder for entrepreneurs to make prudent investments since the crash of 2008?

I’m not sure that the words ‘entrepreneur’ and ‘prudent’ go together.

There’s no such thing as a completely safe investment but there are always opportunities.

What’s the worst investment you’ve ever made?

I once invested in a pub. Disaster! I did it to help out a friend but the previous owner had run it into the ground.

What advice would you give to entrepreneurs looking to make a major investment?

Try to invest in something you understand. If you don’t completely understand it, at least like it.

That way even if you don’t make your fortune, you’ll enjoy what you’ve bought.

Which sectors are likely to offer handsome returns for business investors?

Anything digital. You don’t have to invest in something new, just invest in a new way of doing something old. Moving electrons around is the future

Are there any sectors you feel should be avoided?

No. I don’t think everything in one sector should be tarred with the same brush. There are always gems to be found.

What lessons did you learn from your worst investment?

Don’t let your heart rule your head.