View of a Seattle angel investor

As an investor today, I have to choose between:

  1. Making an early stage bet on a company with no revenue
  2. Buying into an existing company with a revenue stream
  3. Buying shares in a publicly traded company of choice
  4. Doing nothing

What would you do?  If you're selling me on #1, your investment in terms of company, market, product and deal pricing has to be compelling enough to get me not to do the other 3 options. 
I make this list not to dishearten entrepreneurs but to give them insight into the mindset of the people their pitching.