If you want to learn a lot about startups and feel like meeting with a lot you could distribute it in multiple $20k-$30k bets in up and coming startups you believe in. If you aim at landing cash in 20-30 startups with that cash many of them will go to $0, some will be a break even or moderate success, and 1 or 2 might be a likely winner of the entire strategy. Angel investing isn't for everyone and also there are many better ways to see a "more guaranteed" return on investment but little as interesting as getting a front row seat to the future. If you are purely after risk adjusted returns then just make sure you are allocating to beat inflation, mitigate hyper inflation and into something you know or want to know a lot about. Many great investors out there to learn from but if you want the "starter" guide Angel by Jason Calacanis is a pretty decent book to read.