January 28, 2007
I'm 24. I have a bachelor in Finance (specifics in Investments). I've passed two levels of the CFA Program. I've worked for a hedge fund, Morningstar, and I'm now a portfolio manager. I plan on running a hedge fund one day. I'd be able to actually run a hedge fund, and yet, I can't invest in one because of SEC limitations. Do NOT raise the limits.
If you fear unsophisticated investors losing money investing in hedge funds, do not disallow those with fewer assets to invest. How can you jump from unsophisticated to the non-rich? That's a slap in the I'm unwilling to turn the other check too. Assuming those with more assets are more knowledgeable is a very faulty assumption.
An education requirement, not asset size requirements, makes more sense.