“Spray and pray” is the new mantra of crowdfunding syndicates that lead investments into startups and pull in other small accredited investors.
Angel List started the phenomena that allows a lead investor to perform the due diligence and let other investors ride its coattails, hopefully to a profitable exit.
Although this democratizes investing, the risks increase if you let someone else do the analysis. So, make sure that the syndicator has the background, experience and knowledge base and actually does the work before trusting his judgment. It may also help to know if s/he’s got some significant skin in the game.