The higher the average price you pay, the fewer deals you can afford to be in That's only true if you have to get a certain amount of stock, which is the case

The higher the average price you pay, the fewer deals you can afford to be in That's only true if you have to get a certain amount of stock, which is the case for VCs doing series A rounds, but not for angels or VCs doing seed rounds of the type Chris wrote about. How many deals an angel or seed investing VC can afford to be in is a function of the average amount invested, not the average valuation.