O’Shares ETFs chairman Kevin O’Leary, of ABC’s Shark Tank fame, has plenty of tips on buying wine – he’s the founder and chief sommelier of O’Leary Fine Wines.

“When it comes to choosing wine, you have to make the first decision red or white,” O’Leary said during a recent CNBC Make It segment. “If you’re going to take white wine to a dinner party, it’s because you’re hoping they’ll serve it before the meal. Most meals are better with red, so if you want to reduce your risk, always buy red wine.”

In America, 97 percent of wine is sold for under $14.95 a bottle.

Knowing this fact, O’Leary said if you go in and buy something maybe $15.99 or 20 bucks, “you’re in a very special 3% category.”

“Most people know you’ve done something very special for them and still you haven’t busted the bank,” O’Leary said. “The way to go for the broadest selection, in other words a wine that everybody will like, a Cabernet Sauvignon from California is a great deal and there’s many brands you can buy for under 20 bucks. Most people love a Cabernet Sauvignon. If you’re going to go on the white side, Chardonnay unoaked is now the most popular white wine in America. Stick with those to stay under 20 bucks people will love you.”

Watch Kevin O’Leary’s full segment on picking wine below:

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