September 15, 2004
I oppose the proposed expansion of the SECs jurisdiction to include direct oversight of hedge fund managers. I believe that the large institutional investors and wealthy individuals who qualify to invest in hedge funds are capable of evaluating the merits of investing with registered and unregistered advisers, just as they may choose to invest in registered or unregistered securities and registered or unregistered funds. The SEC should not substitute its own views about the benefits of regulation for the judgments of highly sophisticated investors who can fend for themselves.