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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    Patrick McKenzie‏ @patio11 13 May 2019
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    The best argument for the accredited investor rule is that, in the absence of it, promoters will manufacture companies which are difficult to cost-effectively distinguish from actual businesses but which functionally are not and use them to pick middle class' pockets.

    8:20 PM - 13 May 2019
    • 12 Retweets
    • 111 Likes
    • knlÆ.ponzi Steve McQueen Aditya Mukerjee, the Otterrific 🦦 🏳️‍🌈 Jediphone _hypolepsis_ Jonathan Curry Trey Forgety 🏳️‍🌈 Carl Youngblood Buddy Vernon
    18 replies 12 retweets 111 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 13 May 2019
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        This is a different argument than "90% of startups—actual companies operated in a more-or-less-competent fashion—fail, and this is a higher risk than we allow unsophisticated investors to tolerate."

        4 replies 0 retweets 37 likes
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      3. Patrick McKenzie‏ @patio11 13 May 2019
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        I have a certain degree of respect for that argument, but to the extent I buy it, it suggests a number of immediate rationalizations of regulations surrounding retail investor participation in the core financial markets.

        1 reply 0 retweets 19 likes
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      4. Patrick McKenzie‏ @patio11 13 May 2019
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        They would probably include a) accredited investor or equivalent requirements for options trading rather than the simple self-certification required currently, b) restrictions on broker marketing, and probably c) disallow either all or a subset of single company securities.

        3 replies 0 retweets 18 likes
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      5. End of conversation
      1. New conversation
      2. Tim Swanson‏Verified account @ofnumbers 13 May 2019
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        Replying to @patio11

        you pretty much just described ICOs 2016-2018 in which hundreds of them used the same language and use-cases.

        2 replies 0 retweets 23 likes
      3. Patrick McKenzie‏ @patio11 13 May 2019
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        Replying to @ofnumbers

        Yep. The optimized predation machine there—the fact that there was an entire differentiated industry to create a supply chain for investment scams—causes me to be much more cool about abolishing the accredited investor rule than I was previously.

        1 reply 1 retweet 19 likes
      4. 3 more replies
      1. Dan Kaminsky‏Verified account @dakami 13 May 2019
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        Replying to @patio11

        hodl

        0 replies 0 retweets 4 likes
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      1. David Campbell‏ @alchemyDC 14 May 2019
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        Replying to @patio11

        I’d like to see a prospectus posted detailing past performance (in simple terms) at every quickie mart selling lottery tickets in the inner city.

        0 replies 0 retweets 3 likes
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      1. Todd Troxell‏ @xtat 13 May 2019
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        Replying to @patio11

        It's possible that this rule has created such a scenario - a middle class prohibited from accessing the same investments as the rich is a middle class that doesn't understand risk.

        0 replies 0 retweets 2 likes
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      1. kasey_junk‏ @kasey_junk 13 May 2019
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        Replying to @patio11

        I’m not sure what you are arguing? Boiler rooms selling penny stocks to grandma is a stereotype based in fact. There are other SEC modalities but losing those protections seems bad.

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      1. Eric Faccer‏ @ericfaccer 13 May 2019
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        Replying to @patio11

        The market for information is very different from when that rule came into effect. It should be replaced by a rule that states that shareholders are liable for any dishonest statements in a company's prospectus. Knowing or unknowing. It would take the puffery out.

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