>The usual check size at an early/seed stage (re: angels) is around ~$25k, so this would mean having 132 companies in your portfolio. That’s extreme for anyone

>The usual check size at an early/seed stage (re: angels) is around ~$25k, so this would mean having 132 companies in your portfolio. That’s extreme for anyone just getting started, even considering the “shotgun” approach. With social angel & seed investing, the numbers have really reduced. My early stage investment portfolio is ~$250K input cost, divided between investments of $1k, $3k, $5k, $10k, $20k, and $50k. Most investments I am trying to shoot for are in the $5k to $20k range. In doing this I have realized that a shotgun approach is better than big check to what I considered the best companies. Most of the investments are around significant gaps in the market, or products I really believe will displace an incumbent providing an impaired service. Am way up, mainly from SPACs acquiring companies, but the lockup periods are really really long. The early stage investments are around 10% of my portfolio, and less than 5% with my wife. > Most investors would be better off buying index funds - so you seriously have to enjoy this for it to make sense. I don't believe in primarily buying index funds because I think they: thrive during bull markets and die off during bears (survivorship bias) Have outsized risks when serving as a majority of a portfolio Overly risky due to concentrations Vulnerable to black swan events Rewards bad companies by lifting their stocks, regardless of how effective they are Provide inferior returns compared to value hunting Limits ability to utilize option strategies I know these opinions might not be shared by many, and I recognize index funds are generally much better than active funds merely due to mgmt fees, therefore I try to limit my exposure to them to less than 10%, not including my gold hedge.