The way "sophisticated investor" is used bothers me. In most places where it's currently used, I want "sophisticated investor" to mean people who are fully res

The way "sophisticated investor" is used bothers me. In most places where it's currently used, I want "sophisticated investor" to mean people who are fully responsible for their money. If they invest it and quintuple it, cool for them (and they can keep it). If they invest it and lose it, sucks for them (and we don't bail them out). Using this definition, if "sophisticated investors" lose their life savings to Bernie Madoff, sucks for them. They would still have a civil claim against him in court for lying, but they shouldn't get a government bailout. I also want to be able to sign some government-support-waiver, and be able to invest my money however I want. Even if my net worth isn't $2 million and my salary is less than $500k/year.