Why Angel Investors Don?t Make Money ? And Advice For People Who Are Going To Become Angels Anyway

Editor's note:?Andy Rachleff is President and CEO of Wealthfront, an SEC-registered online financial advisor. He serves as a member of the board of trustees and vice chairman of the endowment investment committee for University of Pennsylvania and as a member of the faculty at Stanford Graduate School of Business, where he teaches courses on technology entrepreneurship.?Prior to Wealthfront, Andy co-founded and was general partner of Benchmark Capital. Everywhere I go in Silicon Valley I hear people discussing their angel investments. The conversations remind me of fish stories. People love recounting the one time they caught a big fish, not the many futile hours they spent waiting for a bite.

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