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From: Jeff Diercks
Dear Sirs, I have read the proposed rules and find them to be exclusionary. Why should the richest 1% of America have access to an investment class while the other 99% of Americans are excluded. If this was by race or color-- there would be a public outcry. Additionally, we providers of hedge fund services and fund products already have one hand tied behind our backs in marketing such products. Now you want to tie the other hand behind our backs by further limiting our marketplace. Something needs to give! If want to restrict further the definition of a Accredited Investor, at least allow us to market to this sector freely as mutual funds or other investment products do under SEC rules. I would be happy to trade registration for the right to market openly to prospective investors. I would like to note that in Europe and other parts of the world there are no such investor standards. I would also argue that hedge funds done right (e.g. as absolute return vehicles which limit downside risk in return for some upside limitation) are safer than most mutual funds, which maintain constant market exposure. They are a part of a well diversified portfolio and are one of the few hopes for investors, who are not saving as they should, to reach their retirement and investment goals. Thank you for your time. Sincerely,
Jeff Diercks, Managing Director |