PG, clearly you are an apologist for YC and that's totally fine, but his post is broader than YC. I disagree that any angel 'who is paying attention' can narrow

PG, clearly you are an apologist for YC and that's totally fine, but his post is broader than YC. I disagree that any angel 'who is paying attention' can narrow the field. In fact I would say any angels who want to have skin in the game have to just get in line, and the line is long, especially to invest in any YC company. Bottom line is that there is too much risk capital at play right now. Valuations are high and by definition returns on average are going to be low. For the mediocre and lower funds and investors they may be worse than low. YC will do just fine. The good YC startups will do just fine, but the marginal angel investor is probably not making smart investments right now. Good time to be a startup raising seed and early stage but a bad time to be on the other side of that equation.