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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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    1. Patrick McKenzie‏ @patio11 18 Dec 2019
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      The SEC is taking a whack at broadening the definition of accredited investor, though proposed rules don't broaden in a way that most natural people working in tech will be that interested in. https://www.sec.gov/news/press-release/2019-265 … They're soliciting comments.

      4 replies 1 retweet 35 likes
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    2. Patrick McKenzie‏ @patio11 18 Dec 2019
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      My comment, which I might blow up into a letter, is that the purpose of the accredited investor standard is to protect retail investors from a) scams, b) risks that retail is too unsophisticated to appreciate, c) excessive volatility in returns.

      1 reply 0 retweets 11 likes
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    3. Patrick McKenzie‏ @patio11 18 Dec 2019
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      The assets and income test fundamentally doesn't assess for sophistication (b), and some sensible guardrails for "If you've worked professionally in X capacity, we will consider you at least as competent as a dentist in assessing investment risks in X's business" would be better.

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    4. Patrick McKenzie‏ @patio11 18 Dec 2019
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      Preventing outright scams is (and should be) in the SEC's other regulations, since we should care about scams targeting dentists no less than scams targeting e.g. schoolteachers, especially since dentists are a much more attractive target than schoolteachers (because they have $)

      2 replies 1 retweet 9 likes
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    5. Patrick McKenzie‏ @patio11 18 Dec 2019
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      It's not intrinsically obvious to me that decreasing volatility of returns should be in the government's interest or that the accredited investor standard is narrowly tailored to achieve it, given that retail investors have access to *very* volatile investments in public markets.

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    6. Patrick McKenzie‏ @patio11 18 Dec 2019
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      Investors who seek volatility out of a desire to consume gambling are probably doing something which is against their interest, but they're a Robinhood account application away from e.g. making 100:1 bets on options which will expire worthless in less than a week.

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    7. Patrick McKenzie‏ @patio11 18 Dec 2019
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      People invest in tech startups for all sorts of reasons, but one of them is the desire to 100X their money by causing something novel to exist in the world. Very, very few angel investments will succeed in doing this.

      1 reply 1 retweet 16 likes
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      Patrick McKenzie‏ @patio11 18 Dec 2019
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      But given that there is risk appetite in the world and that retail investors possess some of it, you should probably prefer them deploying their risk appetite against angel investments with a 5+ year time horizon versus weekly options on Tesla. First feels less like casino.

      11:02 AM - 18 Dec 2019
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      • Paul Roales Ravi Aranke Matt "MSG superfan" Olson Pradeep Gowda 🇮🇳🇺🇸 Nikete kevin lord barry Matthew Hardeman seb hanlon
      4 replies 0 retweets 20 likes
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        2. Gabriel‏ @Conanbatt 18 Dec 2019
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          Replying to @patio11

          It is most definitely a casino. But its incredible software engineers are paid in stock, but arent legally allowed to trade them freely. That mere act would allow to price stock options in the market and would make salaries way more transparent and efficient..

          1 reply 0 retweets 1 like
        3. Gabriel‏ @Conanbatt 18 Dec 2019
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          It would allow hypergrowth companies to lower salaries A LOT because they don't pay an obfuscation premium on the stock they give. And it would help employees choose companies better.

          1 reply 0 retweets 0 likes
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        1. Kamil Choudhury‏ @kchoudhu 18 Dec 2019
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          Replying to @patio11

          Channel the urge into VIX futures.

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        1. Jon Williams‏ @jonathannen 18 Dec 2019
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          Replying to @patio11

          Good thread. The current model has a flavor of the rich getting richer, which is problematic. Aggregated investment helps -- Having lots of capital makes this easy, but it's not available to the casual investor.

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        1. Deedy‏ @debarghya_das 18 Dec 2019
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          Replying to @patio11

          Why wouldn't you instead require accreditation to invest even in high risk options too, which as you say, is gambling? That is, instead of using that premise to allow investors to venture into other risky assets like angel investments.

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