I've never considered investing, but certainly from looking at it from the prospective founder side, it seemed rather unfair; angel investors seem to barely end up with a better valuation than subsequent investors, despite taking substantially more risk.
Bingo. Angels = Fool's Funding. If you're going to take money, take it from "professional" investors who are investing other people's money. If you are looking to invest your own money, invest with professionals / index funds / professionally managed funds.
Do whatever you want with your money. Maybe you'll be lucky. Maybe not. But there's many other ways to strike luck throwing money around.
