Subject: File No. S7-25-06
From: E.O. Barlow

February 20, 2007

To whom it may concern:
I think it is extremely short sighted to increase the amount that an investor must be worth in order to invest in hedge funds. I think it is equally repugnant that our system is geared to benefit the rich and the wealthy, whose net worth allows them access to alternative investments that could otherwise be the domain of a sophisticated investor who may not have a $2.5mm net worth. Being wealthy, doesnt equate to increased investor knowledge and ability to ascertain a good/bad investment or ability to absorb the risk. Hedge funds are, in many ways, no different than mutual funds. In the future, I am confident that one will be able to buy/sell a hedge fund manger just like is done today with mutual fund managers. This policy makes no sense at all to me, and is considered out of date, especially with the recent IPO of a hedge fund. How is it that the general public can buy/sell its stock, which is further augmented by the fact that 90% of those investors in this stock will be non-accredited and yet cannot invest directly into the company since they are not deemed financially savvy enough by our government? Perhaps you can explain to the public how this policy protects those who fall below the $2.5 million net worth category and places the rich on more equal terms with the general populous.
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Thank you.