#3 seems particularly pedantic. I thought pg's argument was pretty clear: Angel investing is like betting on long shots. You're arguing with the bookie over wh

#3 seems particularly pedantic. I thought pg's argument was pretty clear: Angel investing is like betting on long shots. You're arguing with the bookie over whether the odds should be 95-to-1 or 100-to-1, when you should be worrying about whether the horse can win the race at all.