We don’t know where the final return is going to land but I will be personally satisfied with a 3X return and based on t

I listed all direct investments since 2020 at brightercapital.com If you are a startup founder looking for investments or a fellow investor wanting to exchange notes, do reach out!

I consider myself a pretty average angel investor. I don’t keep a high profile so my deal flows are probably not amazing. I didn’t invest in super hot companies like Uber or Coinbase. I was also really naive when I first left Facebook and really had no idea about running a startup or sales or marketing. I was an engineer so I know infrastructure, machine learning and full stack engineering. But that’s all I knew when I left Facebook. I have come a long way since then. I am somewhat amazed despite all these, I am still generating acceptable returns.

I listed all direct investments since 2020 at brightercapital.com If you are a startup founder looking for investments or a fellow investor wanting to exchange notes, do reach out!

So why did it work? I am not going to pretend I knew Justin Zhu was going to be a startup superstar when he was pitching me about the idea of Iterable. I only chatted with him for an hour before deciding to invest. I also had no clue that KiwiCo could become so ubiquitous and my kids love them. When I invested in HealthSherpa, they were called rent.io and they needed to pivot the company to make it work. My point is I don’t think I have amazing judgment or anything. In general, I attribute the good returns to diversification and proximity to good startup founders. Diversification is achievable by investing in 10 companies a year. Proximity to good startup founders is easier to get these days since everyone is making investment decisions through zoom. My definition of good startup founders is also pretty straightforward. I like founders who can clearly communicate, whose progress to invested capital ratio is high(aka scrappiness), who know what they are doing and who are super vigilant about their spending. I shy away from founders who don’t seem to be sober and who seek attention and external validation too much. I can confidently say all the founders I directly invested made earnest effort to make their company work regardless of the outcome.

That whole afternoon we sat and spoke about the changes that came about in her boyfriend’s attitude and made her feel they had disconnected on a deeper level without breaking up with words. For no obvious reason — their connection had gone poof. Nothing was wrong, but nothing felt right anymore.

If you look through the breakout list, they are also pretty well distributed. It’s not like I only invested in breakout companies in a short timeframe. Every single year between 2012–2016 I invested at least one breakout. From the second half of 2015, I did slow down my angel investment pace due to a new child and a new job I took in late 2016. I picked up the pace again in 2020 and I have made 16 direct investments this year. I am pretty sure that at least one of them will become a breakout. But I will report back in 2025.

Then as relationships often go, and as time went on — work, commitments and daily life took center-stage and the love of her life became more of a guest appearance in our conversations.

http://live-stream.munich.es/exd/Video-zenit-st.-petersburg-v-panathinaikos-bc-v-ru-ru-1chr-7.php

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http://live-stream.munich.es/exd/v-ideos-Zenit-St.-Petersburg-Panathinaikos-v-gr-gr-1gbc-13.php

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http://news24.gruposio.es/ydd/Video-Zenit-St.-Petersburg-Panathinaikos-v-gr-gr-1hdh-10.php

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http://go.acaps.cat/npt/v-ideos-dusseldorfer-v-iserlohn-roosters-v-de-de-1rfy-25.php

http://main.dentisalut.com/zwo/video-ZSC-Lions-HC-Ambri-Piotta-v-en-gb-vwf-.php

https://assifonte.org/media/hvc/video-ZSC-Lions-HC-Ambri-Piotta-v-en-gb-dpj-.php

http://news24.gruposio.es/ydd/Video-Zenit-St.-Petersburg-Panathinaikos-v-gr-gr-1lwk-10.php

http://live-stream.munich.es/exd/videos-Zenit-St.-Petersburg-Panathinaikos-v-gr-gr-1ozx-11.php

http://live-stream.munich.es/exd/videos-Zenit-St.-Petersburg-Panathinaikos-BC-v-en-gb-1glm30122020-.php

ly appealed to professionals and hobbyists alike, as they were really easy to open and add things. I would still have loved the ability to add extra hard drives, specialized cards, internal DVD burners etc. But sadly Apple has never showed much love towards this segment of users.

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It’s also worth noting that 6 out of the 9 breakout companies I invested have female, immigrant or diverse founders vs 21 out of 39 all investments. It’s well documented that the FID founders outperform the non-FID founders. But I could tell you that systemic bias still exists very strongly today and I see my willingness to invest in FID founders as an edge.

That is where sentiment analysis comes in. Sentiment analysis is a particularly interesting branch of Natural Language Processing (NLP), which is used to rate the language used in a body of text.

Would I recommend angel investing as part of your portfolio strategy? If you can put in the time and money to invest in a large number of investments and don’t need liquidity, I highly recommend it. In addition to generating good returns and investing money directly into the economy, the satisfaction of seeing the hardworking entrepreneurs building amazing companies from scratch is unparalleled.

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An interesting exercise will be to compare this return to public market returns. In particular, to compare this return to SPY and QQQ. To do that, I decided to calculate the public market multiple based on the return from January 1st, {Investment Year} to Dec 31st, 2019. The basic idea is that if I were to invest in the money in SPY or QQQ instead of company X at the time, what’s my expected investment multiple from SPY or QQQ? For example, the investment multiple of SPY and QQQ from 2012 would be 3.01 and 4.15 respectively and the investment multiple of SPY and QQQ from 2016 would be 1.71 and 1.91 respectively. Using this, the blended multiple of SPY and QQQ based on my investment timing will be 2.29 and 3.04 respectively. In any measure, my angel investments still do better. Again, if you are interested in crunching the number please visit the spreadsheet.

It had already been over a month at the point when I realized she hadn’t brought him up lately. Worried, I asked her if all was well when she broke down and confessed she felt detached from him after living together for four years and being inseparable.