Thanks again, Brian!
To your sixth point above, “Types of Companies” that opt for Reg CF vs. Reg D, do you know of any sudies that show valuations, IRR, or other objective measures of this disparity? I’m curious to better understand how much the two financing options either self-select winners or influence the success of a company (and portfolios that hold invest in it). Assuming the amount of total investment is finite and less than a $100k AngelList fund, it seems like the ease of diversification in the Reg CF space could lead to stronger portfolios even if many strong companies still choose venture capital when it’s an option for them.
Best,
Cooper