I’m meeting more + more investors (angels & VCs) who tell founders that they invest at the seed (to get a meeting) but when you look at all the companies they brag about having been an investor in, they actually came in at Series B-D when ‘likelihood of success’ was much more proven. Example: Someone I know invested in the recent SPV of Anthropic just to say he’s an angel in anthropic. And wild enough, it works for him to get into new deals — most founders don’t think to ask what stage he came in at.