If you double the valuations, the # of bets halve. This affects your likelyhood of getting ANY wins. I would expect this is only true if one "must" have a cert

If you double the valuations, the # of bets halve. This affects your likelyhood of getting ANY wins. I would expect this is only true if one "must" have a certain percentage of a startup. It makes some amount of sense for traditional VCs who insist on taking a board seat, but I though this was a differentiating characteristic of angels.