what does it mean when x is 0? it offers 90~100% of earning more than the investment depending on the portfolio size? does that mean higher cash on cash return means more likely you have a lower chance of return from investment? I think I do not understand the correlation well between cash on cash and P(Return>X)%? please elaborate. thanks

Several studies and mathematical simulations have shown that it takes investing the same amount of money consistently into at least 20-25 companies before your returns begin to approach the typical return of over 20% for professional, active angel investing. This means the greater the number of companies into which the angel syndicate invests, the greater the likelihood of an overall positive ROI. [1] 100% Portfolio Size -5 75% -10 -25 -50 -100 50% 25% 1x 2x 3x 4x Cash-on-Cash Return P(return >X), %