Subject: File No. S7-25-06
From: Arthur Jones
Affiliation: Teacher

January 26, 2007

Restricting hedge funds to the rich seems to be a form of discrimination against those of us who are "less rich". A hedge fund should be permitted (but not required)to register like a mutual fund so that its investment policies and risks are known. A hedge fund that agrees to follow these policies should then be open to all investors. Those of us who are not currently wealthy enough to invest in hedge funds currently have all manor of risky investments available to us. We should also be able to invest in hedge funds as long as the fee structures, investment policies, and risks are public knowledge.