But this isn't the press. This is an investor hyping one of his own investments infomercial style and then a few days later, when it implodes, claiming he didn't have a clue. It's embarrassingly cringeworthy.

What this demonstrates is that many startup investors know little more than what they read in the press. Lots of people assume prominent startup investors are smart, diligent and informed but the reality is that many angels know little more about the companies they've invested in than the suckers who were eagerly buying toxic mortgage-backed securities in 2007.