[quadrature]

Yes but picking between investment opportunities is a bit different than starting a company. If you have enough money to buy a significant chunk in an angel round then you also have enough money to open yourself up to other less risky investment opportunities.

[jkarneges]

Some people like living on the edge. Angels are a certain kind of crazy.

Also high risk -> high reward, right? 10x in 7 years can be game changing.

[ska]

That's lottery style thinking, and will get you the predictable results - almost certainly.

Maybe turning this around will help you see how ineffectual this is:

If you are a naive investor desperate to put all of your small stake into one company and I am an early stage startup, why would I want your money if I can have smart money with a good network instead?

And if I can't have that, if I'm desperate for the investment, well your odds just got much, much worse.