Subject: File No. S7-25-06
From: William Duffy

January 28, 2007

I would like to voice my opinion that a persons financial worth is not a valid criteria by which to measure whether that person is likely to have sufficient knowledge and financial sophistication to evaluate the merits of a prospective investment in a private investment vehicle.

The focus of future regulation should be to make sure there is an honest game on an even playing field, not to exclude certain classes of citizens.