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The thing about Chesterton's Fence in this case is that the fence might exist for more than one reason. A law that prevents poor people from being scammed can
by elihu 6y ago
The thing about Chesterton's Fence in this case is that the fence might exist for more than one reason. A law that prevents poor people from being scammed can also enable rich people to cherry-pick all the most lucrative investments.
- hguant 6y agoIt cuts both ways - the most lucrative investments are also the riskiest ones. We tend to look down our noses (sometimes masking it as sympathy) at those who spend their money on lottery tickets or gambling, taking on large amounts of risk for a chance of an _extremely_ lucrative payoff. What's the difference between the state lottery saying you have a 1 in 650 million chance of winning, and someone pushing a new bio-tech stock, with all the financial disclosures attached?
- vageli 6y ago> It cuts both ways - the most lucrative investments are also the riskiest ones. We tend to look down our noses (sometimes masking it as sympathy) at those who spend their money on lottery tickets or gambling, taking on large amounts of risk for a chance of an _extremely_ lucrative payoff. What's the difference between the state lottery saying you have a 1 in 650 million chance of winning, and someone pushing a new bio-tech stock, with all the financial disclosures attached? You don't get disclosures attached as an accredited investor, that's the whole point.