October 15, 2020
I am opposed to this regulation change.
The 13f filings rule as it stands in an incredible information for little investor. It help us to evaluate professional portfolios in a timely way. Precious information are given to us to get confident in what we're trying to learn, to be a great investors. Just to be able to see what percentage of the pro's portfolio went to that stock ... and at what price ... that's an incredible benefit to the little guy that the SEC is hoping to serve.
Millions of small investors are becoming financially literate. Please do not remove one of the little guy's best sources of information.
As an indication of how beloved these filings are, entire websites are dedicated to these 13f filings like Gurufocus.com, Dataroma.com and WhaleWisdom.com. Gurufocus.com alone has over 500,000 unique visitors a month seeking this information.
In the 1970's when this regulation was put in effect, the purpose was to disclose portfolios that could move the market to the benefit of other large investors. Today, things have changed. The little guy is looking for more disclosure, not less. The 13f data for portfolios between $100 million and $3.5 billion is the sweet spot for small investors and we hope you will see the value in keeping this requirement in place.
Warmest regards,
Jerome Marcoux