Subject: File Number S7-25-19
From: Jared Smith

Feb. 10, 2020


I am a finance professor at North Carolina State University.  I earned a PhD in finance from the University of Pittsburgh, where I spent many hours learning the asset pricing literature.  I currently teach a foundational investments course to MBAs that covers modern portfolio theory.  And yet, because my combined income with my wife is less than $300k per year, I cannot access many alternative investments that help build wealth and reduce the overall risk in a well-diversified portfolio. 

It is time for the SEC to acknowledge that the flow of income does not reflect investment expertise.  The SEC’s job should be to make sure companies provide adequate information and that is all.  Once the information is available to investors, the investor should be able to choose what to do with it. 

Amend the definition of accredited investor, it seems designed to exacerbate wealth inequality! 

Jared -- 

Jared Smith, Ph.D.