Agreed. It's fascinating and confusing to learn about the difference between VC's and Angels, especially when you have VC's acting like Angels and making smaller, seed round investments these days.
VCs make more money because they have more money under management, but angel investments are so much cheaper because of lower due diligence...
VCs may also be making angel investments not so much for the equity but in order to have a shoe in the door in order to have a "right of first refusal" (implied/socially) in later financing rounds.
Unfortunately (as some are learning) this can also mean you make some less-desirable angel investments that would create a portfolio conflict with a desire to do a later round with a competitor in the space... this is why some VCs might have an "angel arm" or similar "separate" structure so they get the best of both worlds...
