Why 99 Percent Are Lemmings

Ninety-nine percent is an insult, not a sample estimate. Unfortunately, it may still be conservative. Before I explain how your peers destroy your portfolio, I must admit why you cannot avoid them: deal flow is social. Founders take their rounds first to investors they trust, and those investors invite people they trust in turn. Chapter 2’s portfolio math demands more investments than most angels can source alone, so even I collaborate.  Divinity has limits, and mine appears around deal sourcing. A peer introduction therefore deserves attention, but it does not deserve belief. The source I…