September 21, 2020
SEC 13F PROPOSED REGULATION CHANGE
Dear, People
I am opposed to the 13F filings rule as it harms small investors to the benefit of whale size investors with unlimited resources and capital.
As a once younger small nave investor, I confidently handed my small amount of saving over to a top tier investment firm with the thinking it was in his best interest to make me money as it would ultimately make them more money. Sadly, that was not the case as he dumped my money into their high commission house funds that performed badly and only lost me money for years. I did not know at the time that they made money regardless if I did and that most of his good advice would be reserved for his large dollar clients. I left thinking it would be easier to bear losing money on my own poor knowledge over paying someone to lose it.
Moving on, the internet has recently given more opportunities for small investors to take advantage of SOME of the tools that larger investment firms have had for decades and level the playing field a bit. Small investors use the information from larger investors to help them understand the drastic swings in the market caused by big money. This change would therefore increase corporate ability to manipulate the market and cause havoc for the small investor.
Added upon more thought
These large investors themselves once were very large and have been able to take advantage of the behavior of larger firms and now they want to take that advantage away from lesser investors trying to scratch out enough money for retirement. This does not seem like a great deal for small investors.
Thanks
Sean MacArthur