I think it’s time to revisit the accredited investor laws in the US.
Companies are staying private longer, where only accredited investors (aka rich people!) can invest. Retail investors can only come in after IPO, when much of the upside has already been captured.
These rules were created with the best of intentions, to protect regular people from scams - a noble idea. Unfortunately, in practice they've often made it illegal to get richer, unless you're already rich. A regressive tax!
We have to judge policies based on their outcomes, not on their intentions.
These are two possible routes I see:
1) Replace the rule with something merit-based, like a financial literacy test. Pass it and you're accredited. Having a qualification based on competency rather than your bank balance or income seems far more fair.
2) Remove the rule entirely. Let consenting adults assess their own risk. Disclosure requirements stay and fraud enforcement stays to punish bad actors.
Team Texas President Davis… A United Texas starts with The Board of Regents, President, faculty, staff and Students… It’s a great time to be a Texas Longhorn 🫵🏽🤘🏽
@johnarnold@jaginger Fascinating advantage investing in air travel over rail creates for the US on long haul routes. Airlines can reallocate to emerging city pairs dynamically. Argument to be made that short haul dense routes (Texas triangle) warrant rail.
@data_atx We already paid for parks & pool maintenance. Council decided to use those funds on pet projects & want “just a bit more” to pay for it again. Have heard so many apologists say “oh it’s only 2%” on numerous items. Hold the line. No more $. Spend what you have more efficiently.
@tbpn@btaylor It might go the other way where people will pay a premium to interact with a highly competent individual who can solve their problem end to end without transfers to other departments.