February 9, 2011
Rules that give access to a range of alternative investments only to the richest limit the options of everyone else. The rules should become less, not more, restrictive, so that everyone has the opportunity to make their own financial decisions for themselves.
Furthermore, more onerous rules make it more difficult for start-up money managers to raise capital. But the most successful managers are efficiently allocating capital for our society thus, they should be allowed to invest money on behalf of those who wish them to. Preventing this at the margin would make our society less productive.