Subject: File No. S7-08-20
From: James McKeown

August 11, 2020

Hello. I am a small investor, and I opposed this regulation change.

As an independent investor, I, and many of my fellow investors, rely on the 13f of larger investors who we consider to be role models. Investors like Guy Spier and Mohnesh Pabrai, to name two of my favorites, would no longer be required to file their 13f. For myself, and other investors like me, this would be a cause for worry. As I identify wonderful companies to invest in, I check the portfolios of my role models to see if they have invested in them. It helps me to build confidence in my selecting of a business that I need to further analyze before investing.

Please do not remove one of our best sources of information about what the best institutional investors in the world are doing. Increasing the minimum to $3.5 billion would eliminate most of the role models that my fellow small investors follow. We rely on small institutional investors for the best sort of guidance in the stock market, and this information would sorely missed. And were not alone. Whole websites, such as gurufocus.com or whalewisdom.com for example, publish this information for the small investor like me. It is a huge time saver when researching companies. Fortunately, the Internet has helped to level the playing field, where a small, independent investor can take control of their own investments and live the American Dream.

The 13f data for portfolios between $100 million and $3.5 billion is the sweet spot for small investors like me, and we hope you will see the value in keeping this requirement in place

Thank you for your time and consideration.
James P McKeown