This one is intentionally short and sweet. Minimum words, maximum impact.

Here are my top 5 learnings from more than a decade of angel investing:

(1) Choose a “strategy” ➡️ many can work, focus where you have an edge.

(2) Take enough “shots-on-goal” ➡️ adequate diversification/ portfolio size but watch out for “di-worsification”.

(3) Respect “power law” (few winners will account for the majority of the returns) ➡️ hence, Point (2) is important.

(4) “Access” is everything ➡️ watch out for adverse selection.

(5) Brace for long periods (10+ yrs) of illiquidity to let compounding kick in ➡️ Knowing “when to sell” is going to be super-important, and unfortunately, it is an art rather than a science.

PS: for your own good, see this chart once daily 👇🏽(Source: David Clark of VenCap).

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