Subject: File No. S7-25-06
From: Mark G Woodruff

January 28, 2007

It strikes me that allowing investors with much smaller total investment assets--say $100,000--but restricting the amount (percentage of assets) that they could invest in hedge funds, would both give the less wealthy the same investment opportunities as the more affluent as well as limit their risks. Denying ordinary people investment opportunities is as inappropriate as denying them jobs, many of which are far more dangerous than investing in hedge funds will ever be. The willingness to take risks is what has brought the nation to its current position, not overarching paternalism.