Sep. 29, 2020
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe. Hello, I wanted to comment very briefly on the proposal to raise the threshold for 13Fs. Institutional investors have *so* many advantages over individual investors. 13-Fs are one tool that are a huge help to individual investors; they help level the playing field, specifically with respect to resources dedicated to research. A $1 billion fund typically generates $10- $15 million in annual fees, ignoring carried interest-- $15 million buys a lot of proprietary and street research that individual investors cannot afford. A $1 billion fund -- or even a $100 million fund-- enjoys access to company management that the individual investor does not. A move to raise filing thresholds for 13-Fs will hurt individual investors and decrease marketplace transparency. Thank you, John Randolph Stanford, CA