Thursday, 12 Sep 2019
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Sophisticated Investors

I once gave a talk at the Australian Shareholders Association conference and coming off stage met a lovely couple who told me that they has been offered the opportunity to invest in a ‘wholesale’ fund where the returns were much better than the retail fund but that in order to do that they had to put in $500,000. They were nervous but excited at investing with the 'smart money'.

I asked them if they knew what a sophisticated investor was and they said “No”. OK, stop right there.

Many of you will know this but clearly some of you don’t. It works like this. You can read this on the ASIC website: “Generally people buying securities and other financial products must, under the Corporations Act 2001, be given a regulated disclosure

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