Why Angel Investors Don’t Make Money … And Advice For People Who Are Going To Become Angels Anyway | TechCrunchIf 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)!
The Surprising Historical Significance of Fortune-Telling | Cody DelistratyThe capitalist ethos of self-mastery is undermined by the possibility of luck leading to success without proportional labor. As a result, games of luck tend to be sidelined in capitalist societies, looked down upon as pastimes of the poor and lazy.
At this point I still didn’t know who he was or what he had. I frequently get people saying, “I have a huge thing for you,” and the vast majority of the time it turns out to be bullshit. So I didn’t prioritize it, but after a couple of days he wrote me back, and I still hadn’t done it. Then he made me a step-by-step video that he posted on YouTube about how to install and use PGP encryption. But I still didn’t do it, and so then he got frustrated and went to Laura Poitras, who he knew I had worked with and was friends with, because she does have encryption, and he said, “I’m going to give this stuff to you and then get Glenn involved.” So I almost lost one of the biggest leaks in national-security history because I didn’t bother to install encryption.