henry copeland:

Why Angel Investors Don’t Make Money … And Advice For People Who Are Going To Become Angels Anyway | TechCrunch

If the average VC fund barely makes money, and seed investments represent even less compelling opportunities than the ones pursued by venture capital firms, then the typical return for angels must be atrocious. Even Ron Conway’s second angel fund, which had the good fortune to invest in Google (a 400x cost winner), only broke even (that means close to a 0 percent IRR)!
- techcrunch.com