"The funds often want direct relationships with sophisticated investors," he said.

But the board wants even the least sophisticated investor to be able to find this information in the annual report.

No sophisticated investor would sink money into something without research.

Interest rate options should only be used by sophisticated investors with a high tolerance for risk.

The likely effect would be to raise taxes on sophisticated investors.

And in a hot market, you see entry of less sophisticated investors.

"You're seeing more sophisticated investors who want to take the development risk."

"It is for the more sophisticated investor, since you can take a very big hit when the market turns around."

Most never become what the investment world calls a "sophisticated investor."

The large sophisticated investor, who can do more research, does not need the protections.