it just decreases the eventual returns That's exactly my fear. But that variation in returns will be dwarfed by the variation caused by which startup you pick

it just decreases the eventual returns That's exactly my fear. But that variation in returns will be dwarfed by the variation caused by which startup you pick. Which means investing with no cap would be business as usual for angels. Yes, I agree with the no cap thing. Yet I think smaller discounts mean that you'll get smaller returns whether you pick a "rocket" startup or a "tortoise" one.