Angel Investors Do Make Money. Data Shows 2.5X Returns Overall

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... 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.