In turbulent times, angel investors face a unique psychological and financial squeeze - The Denominator Effect. When public market portfolios shrink, our illiquid angel investments suddenly make up a much larger slice of our wealth. On paper, our risk has ballooned. The natural instinct? Pull back. 

But is this the right move? 

As part of our welcome to the 2025 ACA Summit, we begin our event with this timely question about what smart investors should do instead.