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Because no matter what your age, if you're poor, the SEC treats you like you're five. If you are not already rich, the SEC feels it must protect you from yourself, as if you were a child reaching for a hot stove. No matter how many degrees or professional-certifications you have, nor how much domain-expertise you have, nor how wisely your wealth is portfolio-balanced, nor how excellent your credit-score, when you don't pass a firm wealth-test, the SEC is still allowed to discriminate against you as a poor person. On the other hand, if you've inherited a million dollars, you're obviously brilliant and self-reliant! Here, run through Demo Day with these diamond-plated scissors and your checkbook! Remember, if you're poor, you're still allowed to buy no-money-down houses at cyclical peaks, or public stocks on deep margins, or derivatives that expire worthless. You may donate all your money to projects you like, with no expectation of monetary reward other than a t-shirt or other symbolic trinkets. You may also max your credit cards and buy state lottery tickets! In fact, you've probably already enjoyed our emotional, misleading ad campaigns encouraging you to do that. Just no private equity with any chance of recouping any value for you. That's for the Lords, not you poor peons. |