Ann: Becoming a substantial holder, page-21

SI are really not all that "Sophisticated". They have plenty of dough and early access to SP. And they industry gave them a special name to make them feel special and smart. Wealthy doesn't make anyone Soph.

They also have very short notice at which to decide and the disclosures req from the Co for a SI CR are minimal. There are plenty of CR where the "SI" are underwater as quick or faster than the retail investor. They're people to and just as likely to panic sell (or buy) as anyone else. They belong on no investing pedestal just because they have more zeros in the bank.