If 39% was the odds of a single angel investment giving positive returns, than yes, that could be a good number. The problem is 39% is the average portfolio per

If 39% was the odds of a single angel investment giving positive returns, than yes, that could be a good number. The problem is 39% is the average portfolio performance per angel who is makes multiple high risk investments. It's a problem because if angel investing isn't profitable, those who have invested will have less and less to invest and fewer new angels would be attracted to it or be likely to make multiple investments.