I don’t know if it was original to the Securities Exchange Act in 1934, but its intention is to protect “little people” from making investment mistakes because of their supposed lack of knowledge and experience. The fact that it based soley on how much money a person has, as the indicator of financial intelligence and responsibility, I find to be a bit offensive and wrongheaded, though.
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“You never change things by fighting the existing reality.
To change something, build a new model that makes the old model obsolete.”
– R. Buckminster Fuller