Just a quick note that while I’m investing more than ever in early stage startups, I’m changing my style. I’m still big on diversification, aka, spray and pray, which is more necessary than ever since going from full-time angeling 3-4 years ago to perhaps being able to devote only a few hours a month to it due to my involvement growing my own company. Increasingly, I’m investing in the same way large institutional asset managers and pension plans do it: come up with target allocations, rebalance as appropriate, don’t pay active management fees for passive results, be happy to pay for top managers with records that have a unique skill set, and then “trust but verify” via performance reviews.
In a nutshell: less active involvement by me, more outside management via pools, no real participation in angel groups, and a big dollop of AngelList syndicates. Just came back from a week in San Francisco, and I’ll post my thoughts when I get them down this weekend.