Subject: File No. S7-30-04

September 15, 2004

I am writing to express my opposition to the proposed rule requiring certain hedge fund managers to register under the Investment Advisers Act. I believe the SECs proposal to directly oversee hedge fund managers is misguided. Among other negative consequences, the burdens of this new rule will discourage talented investment managers from starting new hedge funds in the U.S. and will deter non-U.S. managers from offering their funds to U.S. investors. As a result, U.S. investors will lose access to potentially lucrative investments in exchange for a highly speculative set of regulatory benefits that they have not sought.