[Mbwagava]

Hell, investing in general is a "mug"'s game (never heard this phrase before) if you go by per-capita return. It's the exceptionsl performers that make an outsized contribution to revenue that floats the whole boat.

[sanderjd]

I read the point as being that angels can't really afford to invest broadly enough to hit those exceptional performers.

[jay_kyburz]

>Four others that raised money but with painful recapitalizations that effectively wiped out early shareholders

I think its the recapitalizations that make the investments unfair. To buy a stake in a company then have it diluted by the bigger fish once a lot of the risk has been mitigated is BS if you ask me.