I loved this piece about angel investor Kevin Hartz.
He says "When I see a massive number of new investors and carpetbaggers coming in, it's time to get out."
When I see products, customers, performance and value not being important, I said it's time to move off to the side and invest for the long-term. Unfortunately I've never been able to convince the actual money investors to bet along with me. They like to skip all that, expecting what seems to them as magic, but to the people who do the work -- risky investment.