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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.

      2 replies 0 retweets 17 likes
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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.

      3 replies 0 retweets 8 likes
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    6. Matthew Hardeman‏ @mdhardeman 18 Dec 2019
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      Replying to @patio11

      My understanding is that their interest in reduction of extreme volatility really pertains only to macro-scale broad market effects. IOW, they don’t want volatility in less regulated product to influence the broader market indices. Is that accurate/reasonable?

      1 reply 0 retweets 1 like
      Patrick McKenzie‏ @patio11 18 Dec 2019
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      Replying to @mdhardeman

      That is not reasonable; these asset classes are a blip next to traditional ones and appear effectively nowhere in public market indexes. (There are ways for a private startup to be partially on balance sheet of an entity in the index but it would be bps of bps of bps.)

      11:16 AM - 18 Dec 2019
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        1. New conversation
        2. Matthew Hardeman‏ @mdhardeman 18 Dec 2019
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          Replying to @patio11

          I agree as to the effective reasonableness. I was curious as to their stated intents. I would have thought if anything, moving liquidity from the public markets to private investments would be the bigger concern if significant private investments became popular and accessible.

          1 reply 0 retweets 0 likes
        3. Matthew Hardeman‏ @mdhardeman 18 Dec 2019
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          Replying to @mdhardeman @patio11

          Though even that seems like a stretch.

          0 replies 0 retweets 0 likes
        4. End of conversation

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