Subject: File No. S7-06-13
From: Bruce A Wallick

August 18, 2014

Dear Sir or Madam:

I implore you to either maintain the existing standards defining accreditation, or relax them somewhat for these reasons:
1. The internet has made it far easier to identify and evaluate potential investment vehicles.
2. The internet also provides a great deal of information to educate investors on alternative investments. Most investors are significantly more sophisticated now than in the past.
3. The internet also provides a method to publicize scams, rogues and bad characters.
4. In an era of very low interest rates, alternative investments are necessary just to maintain pace with inflation.
5. A well-diversified portfolio relies on access to alternative investments. REITs do not provide the negative correlation needed to balance equity investment risk.
6. Sound retirement strategies include passive cash flow sources provided by DST, TIC, LLC, and private equity investments.
7. Our economy relies on the strength of of residential and commercial real estate, small businesses and other ventures available to accredited investors. Broadening access to these opportunities will go far to stimulate our economy.
8. In my opinion, the government will never be capable of protecting individuals from their own greed, or from making ill-informed decisions. No matter how many rules we implement, there will always be some who are at risk, and this risk can never be mitigated. It would be far better to broaden involvement, rather than restricting it, so that more folks will be aware of the risks, benefits, reputable operators and the scams. Shining more light in this area will eradicate the pests.

My wife and I have been blessed with a modest income and have scrimped and saved to reduce debt and make wise investments. We crossed over the $1M net worth threshold (excluding primary residence) a year ago and are now focused on creating a retirement income portfolio comprised of investments restricted to accredited investors. I have educated myself by reading books, but mostly by attending webinars and evaluating potential investment PPMs which are available on the internet. I realize the potential folly of believing everything I see on the internet, but also realize that the risk is entirely mine and that my due diligence is the only thing I can truly rely on. It has served me well so far, and every potential investor possesses the same faculty. For the sake of my retirement, and that of many other small investors, please do not restrict our access to these types of investment opportunities. Thank you.

Bruce Wallick