February 24, 2007
I am not yet an accredited investor, but I am darn close, thanks to calculated investing risks that have paid off. The calculating was done by my own brain without the help of the SEC. I find it condescending and arrogant that the SEC proposes to know how "sophisticated" my thinking is based on my net worth in an attempt to protect me from myself.
That I am sophisticated one day and not sophisticated the next by the stroke of bureaucratic pen is nothing but the nanny-state presuming I couldn't financially survive without the SEC's protection. I am not dependent on the SEC and never will be. The rules are currently arbitrary and will be even more so if S7-25-06 become the standard.
Good stewards of capital are good stewards of capital no matter what their net worth. Butt out.