(2003-11-19) Kling Angels

Arnold Kling on Joe Chung's take on Angel Investing. I think the answer is that angel investments are decisions of the heart, driven by passion rather than clinical assessments of risk and return. An entrepreneur tells a story about what just might be and kindles the investor's sympathy for a group of people, their ideas, and their vision of changing the world. And if in the process, as occasionally happens, an angel can turn the price of a golf cart into the price of a Gulfstream, what could be better?