

Angel Investors Do Make Money. Data Shows 2.5X Returns Overall - iProject
http://techcrunch.com/2012/10/13/angel-investors-make-2-5x-returns-overall/

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salsakran
<http://sites.kauffman.org/pdf/angel_groups_111207.pdf> ends at 2007
<http://www.willamette.edu/~wiltbank/jbv_angels_2009.html> was published in
2008 and
[http://www.nesta.org.uk/publications/reports/assets/features...](http://www.nesta.org.uk/publications/reports/assets/features/siding_with_the_angels)
was published in 2009.

All of these look at returns that predate the "new angel age" of the last
couple of years. Every hot bubble looks great using metrics collected before
world+dog pile in.

