The Emotional Cost of Optimism in Angel Investing
Angels Decoded · April 2026
Ep#8 of our weekly podcast on what’s actually happening in angel investing — hosted by Cheryl Kellond and Andy Walsh.
Listen:
- 🎧 Spotify — replace with episode URL before publish
- 🎙️ Apple Podcasts — replace with episode URL before publish
- ▶️ YouTube — replace with episode URL before publish
- 📩 Substack — replace with episode URL before publish
Angel investing is often described as a financial decision. In reality, it’s an emotional one.
In Ep#8 of Angels Decoded, Cheryl Kellond and Andy Walsh explore why many angel investors are hesitating right now. Not because the deals are worse, but because the emotional cost of optimism has suddenly become higher.
Angel investing requires belief in founders, ideas, and a future that doesn’t exist yet. But when the world feels unstable, even experienced investors can find themselves pulling back.
This episode explores why that hesitation happens, how uncertainty impacts capital deployment, and why staying engaged with founders may be more important than ever.
What we cover
- Why angel investing is fundamentally an act of optimism
- The emotional impact of uncertainty on investment decisions
- How stepping back from investing can slow innovation
- The unexpected personal and professional benefits of writing early-stage checks
- Why connecting with founders can reignite belief in the future
Sometimes the best response to uncertainty is simple:
Advice: Just write the damn check.
Angels Decoded is the companion podcast to Play Money — where everyday angels build diversified startup portfolios without turning it into a full-time job.
New episodes every Friday. Subscribe wherever you listen, or get them delivered weekly:
Related
