Dave, As an investor, "spray and pray" may be a great strategy for you. But entrepreneurs who have choices may not be interested in working with you if they realize that you are a 'spray and pray' investor. [Right now, you are making such a bold statement that you ARE a spray and pray investor, that there is no ambiguity on the issue at all, of course.] So, by definition, you'd get second and third tier deals. Have you considered this as a factor in your analysis? Best wishes, Sramana http://1m1m.sramanamitra.com