Looking for and being quite happy to get are two different things.

I'll happily take a 5x on any of my angel investments. I didn't go into them thinking that was the best possible (hoped for) case.

Getting 5x on all of them would be above my average.

I would also expect angel investors to be a little more understanding about slightly less than "MAX GROWTH NOW!!!!!", relative to a large VC firm, and less likely to force the founders into a path the founders don't want to take if the numbers aren't ideal..

Over in the mainstream stock market, an 8% total return per annum, repeated indefinitely, is more of an ideal than a reality; CalPERS (the California pension system) has been completely unable to attain it. I suspect that the same is true of Silicon Valley, once you factor in the timeframe question and the high risk of failure in any single investment.

There are more kinds of investors than just venture investors. Small shop private equity often invest sums below this, and they're interested more in reducing the risk of their return than finding a portfolio maker, for example.

Yes, many of them are my clients. But they'll go invest $200M across 10 companies and hope one gets a 5x, 3 get 2-3x, and the rest marginal gains.

There aren't really.

Only if you're talking about venture investors. There a lot of types of investors who each have different tolerances for risk-return ratios.

Not really. Pretty much the more risk people take on the more return they are shooting for so the ratio stays the same.