>> 2. The returns on angel investing are bimodal You're misinterpreting PG's stance here. This only applies this to VCs and super-angels, not to regular angel

>> 2. The returns on angel investing are bimodal You're misinterpreting PG's stance here. This only applies this to VCs and super-angels, not to regular angel investors like yourself. VCs and SAs are obligated to have a much larger return on their investments in order to make the funds they raise a success. This is done via one or two big winners, so they're hoping for 1000x. >> 3. Valuations don't matter Similarly, this is aimed at VCs and SAs, not you. And of course you have to interpret the phrase as "Valuations don't matter [within reason]." Clearly you can think of a high enough number where the valuations should begin to matter to these people, but the point is that they're not at those levels right now. >> I have a net negative return because of one spectacular failure (from which I have learned a lot but that's another story). I'd love to read a blog post on that experience, and what made it different from your other successful investments.