When you are investing with your own money, the goals are different.

It doesn’t make sense to risk everything for a top 10% portfolio. Instead, most Angels want to:

Outperform public markets (by a lot!)
Reduce the likelihood of going to zero
Boost their chance for a 🚀 win  
Invest in startups that make their 💛s beat harder.

VCs play big or go home.

If you are a VC:

You have to be in the top 10% of fund performance to raise a new fund.
Every bet has to have the potential to “return the fund”.
Plus, you are expected to help your companies; your time can only be spread so thin.

Combine those together, and the long-time VC strategy of investing in fewer companies and doubling down on the ones that appear to be winners makes sense.

Angels are not small VCs