I don't think it's reasonable to exclude outliers when you are de-facto angel investing. The expectation is that most companies, especially those pushing techn

I don't think it's reasonable to exclude outliers when you are de-facto angel investing. The expectation is that most companies, especially those pushing technological limits, fail. One or two wild successes is the "expected" outcome in a power-law, winner-take-most distribution, and SpaceX is one of them.