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John Rogers Comment On Regulatory Notice 22-08

LEAVE THE LEVERAGED and INVERSE AS IS> DO NOT ATTEMPT TO TELL US WHAT OR HOW TO INVEST OUR OWN MONEY. I have been an investor for 50 years. I have seen popular investment venues come and go. As it should be, some of them wither and die based upon the investor's use or avoidance. Investors, as with any skill, need to understand and experience strategies and tactics. The same common sense applies to driving a vehicle, using a lawnmower, a sharp kitchen knife, or a skateboard. AMERICANS DO NOT WANT A GOVERNMENT AGENCY DECIDING WHAT TOOLS TO USE IN A NON-LETHAL ACTIVITY.

Hugh Hudson Comment On Regulatory Notice 22-08

I am not a broker. (1) It is arrogant to tell me or any other person what investments he can make. I assess my own risk. You know nothing about my risk tolerance. (2) I know my limitations. I understand the basic concepts of leveraged and inverse funds. I let the managers of these funds do their job, just like any other mutual fund or stock. (3) My leveraged and inverse fund are a minor part of my investment strategy to hedge against market downturns.It is the most economical way for my to hedge.. (4) Big government has run-a-muck.