Because of the rate of failure for early stage startups are high, the need for individual winning investments to make up for the other losses AND generate the r

Because of the rate of failure for early stage startups are high, the need for individual winning investments to make up for the other losses AND generate the required returns for both the LPs and the carry for the fund managers would require that base hits for winners are not sufficient. The wins need to be much more significant to allow the portfolio as a whole to have acceptable returns. In general I agree with you -- I prefer shorter-horizon lower-scale repeatable wins over longer-horizon, high-risk, potentially greater returns. I honestly think venture investing is successful for only a small number of entities who happen to either have some sort of inside track into superior deal flow, and ability to CREATE winners by influencing markets (exit markets especially), or some sort of strategic advantage in their industry. Otherwise it's 100% luck. As an individual investor, I think angel investing is very much an easy way to part with a lot of money. I stopped angel investing when I realized it was high-risk gambling/speculation combined with some sort of philanthropy combined with ego-centric elbow rubbing with others. I've got a stock-based swing strategy I'm working instead. Lower downside risk, with equal potential gains at scale.