1:05:00Jeff Clavier and Andrea Zurek - Startup Investor School Day 3
From Y Combinator · Published Jul 22, 2018 · Watch on YouTube
TL;DR
Jeff Clavier and Andrea Zurek cover two essential topics for nascent angel investors: portfolio construction/asset allocation and personal branding. Jeff emphasizes that angel investing is a long (8–10 year), high-risk game where losses come fast, so only invest money you can afford to lose, allocate roughly 10% of net worth, and spread investments over time and sectors.
Key insights
- Angel investing is a very long game: most significant outcomes take 8–10 years, and it typically takes 6 years just to get your cash back.
- Bad news comes first; losses materialize quickly, while returns take much longer.
- Asset allocation: treat angel investing as if you will lose everything; a common prudent allocation is 10% of net worth (similar to institutional VC/PE allocations like Stanford’s 25%).
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