Subject: File No. S7-03-22
From: James Michaels
Affiliation: Educator/Account Executive

February 20, 2022

Greater transparency is key. I am relatively new to the stock market and have been following it closely for a year now. I even read 'The Intelligent Investor' and as I have observed and practiced the wisdom set in that book and in many other publications. I have noticed that some stocks do not typically trade and react to typical performance indicators like updated quarterly reports, positive traction, and a bright future. Some stocks show very odd trading patterns. Some stocks, when compared, follow the same algorithmic patterns no matter what news or press is communicated to investors. Upon further review, it has become evident that private funds do play a role in this odd behavior of certain stock trades like AMC Ent Holdg. Greater transparency of private funds and advisors will hopefully shed some light on erratic stock behavior. There are a variety of tools used by private funds that are not available to all investors like the use of synthetic shares and dark pools. Let's dive deeper into these practices and what exactly is happening with private funds and the advisors who run these funds and affect markets.