 Clow Reed is the name of the wizard who created the Clow Cards. His power was individual and the most powerful because he combined both Eastern and western magic, but didn't want that power to be lost. That is why he contained it in the Clow Cards.
Clow Reed "died" in Japan, and knew he was going to die. You see, he was also a great fortune-teller. He saw Sakura as the next Card Captor, even saw that Cerberos would lose the cards. So he planned to be reborn around the time Sakura was around, both as a parental figure and as a close friend. This is why he is both in Fujitaka and Eriol. But his mind is in Eriol. His teacher side was attempting to test Sakura, but he wasn't exactly the kind, loving parental figure that Fujitaka is. He was also a bit of a romantic. He lived in a beautiful old house with a garden in a world that he created and controlled. He loved beautiful things and the peack of a seeason's appeal, especially. So a season was always at it's best when it had it's time.
 But he was tired, very tired from having thought so much. He told the Guardian beasts and the Watchers, namely Yue, that he would die and hand them over to a new master. Yue especially was not pleased with this news, as he was highly devoted to Clow Reed.
Clow Reed admitted to coming and giving Sakura problems, but he also said that 'it'll be alright'. He seems to have a lot of faith in her, and gave her the power of the stars, a power individual from the Sun and moon guardians. Remember, Eriol and Clow Reed are one in the same, so if you want to know a little more about his personality, remember who it is you're dealing with in the series!
What do we think of Clow Reed?
Richard: I have always been a fan of wizards and magic, and Clow Reed was a perfect twist on the traditional old white-haired man with a pointed hat. Handsome, mysterious and kind, rather like Fujitaka, but with a streak of mischieviousness! What it'd be like to have all that power? Gosh, I'd be a little twisted, wouldn't you?
Viscay: When Sakura meets Clow Reed in person, he seems ever so different than he does when he's reincarnated in Eriol. Is that because he gave away his peaceful, parental figure persona to Fujitaka? Not sure. I liked him a lot in his real self, but at the same time was annoyed with him that he wasn't more straightforward to her. I can see the purpose, but still, he put her through a lot.
Riki: One word: Droooooooool…………

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