Also, imo, "sophisticated investors" is one of the biggest jokes going around. Generally, a bunch of rich dudes with no idea who - because they have connections either directly to a broker or indirectly through their accountants or lawyers - buy into a co early on (generally with, for them, "play money" - which reflects the fact they have no idea as to the merits of the investment but just listen to the broker du jour). Many/most would - in the financial context - be about as sophisticated as Jed Clampett.
Also, imo, "sophisticated investors" is one of the biggest jokes...
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