SPY is up ~4x since 2012 - maybe a good time to remind folks to reconsider being more passive (at least with their stock picking)

It looks like some of the best angel investors are in a network of startup founders. I wonder if someone angel invested only in 2+ time founders would returns be different.

Thanks for the transparency — this is the kind of post more early-stage investors need to read before jumping into angel investing.

I’m a YC founder who recently launched a syndicate called Scalable Ventures, and this post hits on a key reason we’re building it: to reimagine how early-stage investing gets done, especially for operator-led investors who want real upside — not just optionality or dilution surprises years later.

Your story illustrates a growing reality: early angels often take on venture-level risk but receive sub-venture returns. We’re structuring our deals to better align incentives for angels — including deeper diligence, co-investor discipline, and shared reporting (not just “hope you hear from the CEO someday” vibes).

If you’re ever open to advising newer syndicates or just sharing more about your experience, I’d love to connect. Either way, thank you for sharing this — it’s exactly the kind of insight the ecosystem needs.

https://www.scalablevc.com/HackerNews