Well, it's assuming your investments average 10x yearly. Of course some will tank and some will get more than 10x. But my point is that, over 6 years, you won'

Well, it's assuming your investments average 10x yearly. Of course some will tank and some will get more than 10x. But my point is that, over 6 years, you won't be able to get 10^6, or really anywhere near that, because: (1) That would require re-investing all your returns, and as PG mentioned most of them have to go back to your limited partners. (2) Even if you could re-invest all your returns, it would be impossible to maintain an average of 10x yearly with that much money. So the super angels can't really expect to find phenomenal success by just looking for quick exits. They need big exits too. Which means caring more about finding winners and less about valuations.