IIRC, the lead for an angel syndicate can make deal-level carry (as opposed to the fund-level carry that is described here). This leads to some incredible risk-taking: there is no consideration for how they might be harming their "fund-level return" (i.e. the return on all the investments they as an individual have participated in) -- and they don't really care because that isn't their biggest opportunity. The biggest opportunity is the carry they can make on this _one deal_ if it's a home run. So the average angel who is just participating (and not leading) has a really risky portfolio.