This is very illuminating; thank you for sharing your thoughts on the subject. I can see where you are coming from in regards to diversification, although I tak

This is very illuminating; thank you for sharing your thoughts on the subject. I can see where you are coming from in regards to diversification, although I take a slightly different angle. If I'm taking 75% of the salary I would in a fortune 500 gig, I already consider myself 3/4s diversified. Plus, I can always work 4 startups in 4 years and just take the first cliff worth of stock, which diversifies even more. Granted, it's no mutual fund, but it's not "I'm locked in to one company for 1/10 of my life and if they go under I'm bankrupt". It's a little less money for as long as I choose to work there in exchange for a potential return on investment. If I were go back and look for an equity heavy gig, and I don't plan to, I would look at the entire process as an early stage investor. No, I can't invest in 10 or 20 different companies, but I can be selective and increase my odds. Actually, anyone with my current skillset could walk into any startup in the valley and start working the next day. That is something few, if any, angels could do.