kaal:claim:1428387-030

Unless an investor's business is primarily to invest in hard-to-value assets, that investor's sophistication cannot be assumed regardless of personal wealth.

Unless the business of an investor is to primarily invest in certain hard-to-value assets, the sophistication of such investor can probably not be assumed, regardless of personal wealth. Investors who could

Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009), VI.B Investor Qualification Requirements for Investments in Hedge Funds, p. 49
https://ssrn.com/abstract=1428387 · source PDF

Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1428387

• for investments in hard-to-value assets and complex financial instruments

conditionsupport: arguedfailure: wealth-as-sophistication-proxyfamily: investor-protection-gapinstitutional-design

• extended_by kaal:claim:2998097-010 Investor suitability standards requiring independent verification of an investor's ability to evaluate complex...
• extended_by kaal:claim:1806252-032 The numerical wealth requirements used to define qualified hedge fund investors fail as a regulatory device, b...

The quote above is an exact substring of the source PDF, whose sha256 is 6aa3a280dc6750723be2389f3af2aabf3a16c4ce20e49fcdaddd7f2ea95a67aa. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/840e4db01f86e359...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/1428387-030.md | sha256sum