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by three14
6359 days ago
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We can't solve hubris, but perhaps we can highlight it to investors. Funds that too hard to value or are highly leveraged should switch from regulation by the SEC to regulation by state gambling commissions. It would be tricky to find the right cutoff, though, but if an investor would have to travel to a Native American reservation to buy credit default swaps, they might start thinking about whether they really understand what they're investing in. |
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No restrictions on what funds can do, no government bailouts, but full disclosure so that clients may impose their own restrictions.