01/06/2026
Here's a question worth sitting with if you've started angel investing: do you have a portfolio, or do you just have investments?
They're not the same thing. A portfolio is built around a strategy that acknowledges the math of early-stage investing: most deals won't return capital, a small number will generate almost everything, and the only way to access those outliers is to have enough bets on the table.
For most angels, that means a minimum of 15-20 companies over time, not two or three high-conviction picks. The implications for check size, sector focus, and how you think about follow-on rounds all flow from there.
We broke it down in this carousel. Worth a look if you're building (or thinking about building) an angel portfolio.