SEC

“First of all, the SEC now requires any publicly owned company that gives any useful information to any investor must simultaneously make a diligent effort to be sure everybody gets that same information. So no more private conversations with management.”

“The one I like to quote is SeaWorld. There's a documentary about them abusing orcas and that became an SEC security fraud cases. They were not sufficiently transparent about this documentary involving their abusive orcas.”

“So we require companies to, at the board level, identify a committee of the board who has a fiduciary obligation to identify who the company's key stakeholders are. Identify what are the effects that you want to have on those stakeholders, then have the compan…”

“What kind of society are we if we, like, shut him out, or somehow think that, you know, we can't invest with him or his team just because of his views? I just, I find that to be completely ridiculous. I mean, obviously, if he laundered money, right, you can't,…”

“What the recommendation was in the space of disclosures was that with some caveats, not, you know, everyone agreed that need to rethink disclosures, and I think the consensus unanimous decision was the current standard is it's like guidance around climate risk…”

“So my suspicion is whoever is nominated or potentially in the queue for a SEC chairmanship, this will be a priority for the administration.”

“I remember the first SEC filing that mentioned Bitcoin and kind of feeling a level of validation, a level of Excitement around this coming into the, just the first fold of mainstream. And it was the S one where PayPal spun out of eBay.”

“Prosper launched, for instance, before Lending Club, but they violated the SEC rules. They were shut down, which is why Lending Club ended up winning in the category, even though they ultimately had other issues.”

“The SEC is also gradually coming towards being a little more flexible on Private fund allocation and registered fund allocation for alternatives.”

“We don't think this will stop at public equity, by the way. We think it'll go through to all SEC registered investment firms, because that is the intent of the SEC in all of their working papers.”

“So Mike was an attractive target because he really wasn't liked by a lot of people in the business round table and in the established firms. He was getting a lot of publicity. He was very successful. And so people complained to the SEC, they complained to Cong…”

“So in the early years, we would have someone stationed at the SEC, and when a company we were following filed something, this person or company would take it and fax it back to us, and We had those rolls of fax paper that if you didn't read it quickly enough, …”

“So there's this really reverse thing I think happening now where people are afraid to build useful products, but it's perfectly legal to build useless products.”

“So back in December of 2019, the SEC released what's been now called the ETF rule. And the ETF rule was a game changer, industry game changer. And what the ETF rule effectively did was level the playing field for issuers To launch either a mutual fund or an ET…”

“When the government's asking you to measure something, I got news for you. That thing's going to be taxed. That thing is going to be taxed at some point in time, which is a whole different revenue source for the energy transition over time.”

“And by the way, the SEC doesn't look at these things, because these are private investments, so they don't require accuracy. And the investors in the fund are mostly happy without accuracy, because as I said, they don't have to report problems to their higher …”

“Greenspan and Summers and Levitt of the SEC waged war against the CFTC doing its job of regulating subprime instruments. They each, in turn, called up Brooksley Bourne, who was the boss, a lady of iron nerve and principle. They harangued her, saying, what are …”

“The bar to gate is really high. You literally need an SEC exemption, and that's not because prices are low. You have to show the SEC, I don't have any liquidity.”

“One is called the SEC, which is the nastiest securities regulator on the planet, which is great for us as investors.”