There are many reasons this would be an abomination, but I will just go into one. Since the beginning of the NYSE, people have been fighting to democratize the market and make it accessible to all. It is in everyone's best interest that the market is accessible to all. This rule change would destroy all the work to make the financial markets accessible to all, regardless of status, race, class, etc. Why should someone have to be from wealth, and pass a test, just in order to properly hedge their portfolio with inverse funds? Not everyone in this country is as dumb as regulators believe they are -- American's should be given the choice to invest their money as they personally see fit. It certainly will not always be the best decision, and sometimes it may be a plain stupid decision. But that is the nature of a free country -- having the freedom to invest, instead of having the government dictate how they can invest their funds. This may seem like an exaggeration, but it is not -- once the government starts deciding who can invest in what, that is a slippery slope.
Colin Lester Comment On Regulatory Notice 22-08
There are many reasons this would be an abomination, but I will just go into one. Since the beginning of the NYSE, people have been fighting to democratize the market and make it accessible to all. It is in everyone's best interest that the market is accessible to all. This rule change would destroy all the work to make the financial markets accessible to all, regardless of status, race, class, etc. Why should someone have to be from wealth, and pass a test, just in order to properly hedge their portfolio with inverse funds? Not everyone in this country is as dumb as regulators believe they are -- American's should be given the choice to invest their money as they personally see fit. It certainly will not always be the best decision, and sometimes it may be a plain stupid decision. But that is the nature of a free country -- having the freedom to invest, instead of having the government dictate how they can invest their funds. This may seem like an exaggeration, but it is not -- once the government starts deciding who can invest in what, that is a slippery slope.