I wonder how the rising valuations (many on AngelList are over $5m) will be affecting expected returns for angels. Expected angel returns circa 2007 were descr

I wonder how the rising valuations (many on AngelList are over $5m) will be affecting expected returns for angels. Expected angel returns circa 2007 were described here: http://www.kauffman.org/research-and-policy/returns-of-angels-investors-in-groups.aspx http://www.kauffman.org/research-and-policy/returns-of-angel... Unless today's higher valuations are tied to a commensurate rise in company quality and/or exit opportunities, it would seem that these returns are going to come down significantly from what they have been historically.