❤️🔥 Here’s how much I have(n't) made angel investing
Plus: Stopping healthcare's tapeworm with zero-inflation healthcare
Happy Friday!
Two weeks ago, I wrote about why I hit pause on angel investing. Yesterday, I got an email from the law firm of a company I invested in 10+ years ago that has raised $100M+. The company is getting acquired, and they want me to sign some docs.
Unfortunately, my shares have been diluted over time and converted from preferred to common. While a VC who backed them just a few years ago will make money from this acquisition, I will get $0. Zero.
This is why I am no longer angel investing. It’s not just that early investors often get the short end of the stick while later-stage VCs reshape the cap table to their advantage. It’s that we are often forgotten and get this news from lawyers and not the CEO.
Anyhow, I promised to share an update on my portfolio's performance—something not enough (if any) investors do. It took me a little longer to do this analysis, but here ya go: