[tworats]

Let me add to his anecdotal evidence - of the angels I personally know (~15), the vast majority are price sensitive. If I expand that to angels I know slightly, the percentage of price sensitivity increases.

You can argue that they're irrational/stupid, or that they're not the investors you want (some of them actually are very good, you'd certainly recognize them by name), but it doesn't change the fact that they exist.

I can't comment on relative usefulness of valuation sensitive and valuation insensitive investors.