[LatteLazy]

Most angle investors are either about to lose their shirt, or very lucky or very smart (it's hard to tell the difference between those last two). They usually can only do a few deals before they're spent out. Then they wait to either get 100 times their money or nothing.

They're sort of like guys buying lottery tickets, except the ticket costs more than most houses.

Vc Funds are plying the same game but on an industrial scale. So they get more average returns. Maybe better on average but maybe not for their investors as fees eat into that.

An angle with very deep pockets is probably more like a mini VC fund than an angle. They'll hire people to find and vet investments and maybe pool capital to spread costs and risks.