This is not conspiracy, but it's truth. People who have very little leverage or access to superior deal flow should NOT be investing in startups, which, with ve

This is not conspiracy, but it's truth. People who have very little leverage or access to superior deal flow should NOT be investing in startups, which, with very few exceptions, provide minimal, if any returns. I plowed hundreds of thousands of dollars into startups that I wished I put in more "mundane" investments with better overall returns. Startup investing is for those who seek: * Some sort of personal glory * Delude themselves into thinking it's a high quality investment * Have had a one-exit "success" and now think they understand everything about everything * Are in it for the philanthropy - building up "startup ecosystems". No, the next big hit will most likely NOT come out of Cincinatti or Indianapolis. Maybe the odd strike of lightning success, but there's no way to power an ecosystem with a few meager millions of dollars * Are playing with other people's money Angel investing is for the foolish or those with some sort of substantial inside edge / track on success that lets them beat the odds.