From an angel perspective, angels are investing right across the board in every sector, save for pharma, because pharma is a 10- to 12-year investment and $100 million. And it's binary: it's going to work or it's not going to work. That's not a place where angels tend to play.
Having said that, angels are increasingly looking for a liquidity event in two and a half, three, three and a half, four years. In other words, they're looking to get their money back within that timeframe. That doesn't mean the company is sold out; it just means they build that into their terms. So when you're looking at trends and whatever, I would argue that angels have not been discouraged by the high dollar in terms of the investments they're making. Just to underscore that, it's right across the board, including service industries, in which VCs have traditionally tended not to invest.