August 9, 2020
SEC,
I am opposed to this regulation change.
The 13f filings rule as it stands in an incredible resource to me as a small investor and average American citizen and other small investors who uses it to reduce the cost and time put into stock research by being able to evaluate professional portfolios in a timely way. It is a great boost of confidence to me and other small investors to see that professionals bought a stock that I am interested in, to be able to see what percentage of the professionals portfolio went to that stock and at what price. Its an incredible benefit to me as a small investor and average American citizen that the SEC is hoping to serve.
In the 1970's when this regulation was put in effect, the purpose was to disclose portfolios that could move the market to the benefit of other large investors. Today, things have changed. Millions of small investors are becoming financially literate because of the modernization of the internet and disclosure of financial information to the public. Now this data is also used by millions of small investors to better understand the market and to build their confidence so that they can make the most educated decisions with their money and, one day, reach financially security. The 13f data for portfolios between $100 million and $3.5 billion is the sweet spot for small investors and I hope you will see the value in keeping this requirement in place.
Please do not remove one of the small investors and average Americans citizens best sources of information about what the best institutional investors in the world are doing. Increasing the minimum to $3.5 billion will eliminate most of the information I use. I rely on these small institutional investors for the best sort of guidance in the stock market and would sorely miss this information.
Thank you,
Matthew Bisping