From: Henry Babcock |
To whom it may concern, I am writing to voice my opposition to the changes proposed by File No. S7-25-06. This change is estimated to reduce the number of investors permitted to invest in pooled investments by 90%. This 90% reduction will be devastating to investors who are attempting to build wealth and to traders seeking to manage money. This change will unfairly discriminate against smart young people who have not had adequate time to amass the necessary $2,500,000 in investments and those who work in the industry. As this change does not apply to other private investments where the funds collected are spent on operational expenses in hopes of attaining a profit one day, it vilifies hedge funds. I understand the need to adjust the accredited investor standards for inflation. However, this change fails to recognize the incredible growth in information available to investors today. Today's investors are very well informed; there are several television stations that broadcast business and market information exclusively. The internet allows instant research information on investments and risks. In addition, the market action of the late 90’s and early 2000’s made investments and risks common knowledge in every household. In closing, I reiterate my opposition to the changes proposed by File No. S7-25-06. Thank you, Henry Babcock |