Any system of investor protection rests on a theory of which investors to protect. Policy inevitably demands tradeoffs between distinct constituencies with divergent needs. Institutional investors are quite different from individual investors. A billionaire investing through a family office has distinct concerns from a middle-class investor. Tastes and preferences for regulation may differ, too, even within an apparently homogenous category. One retail investor may have unusually high tolerance for risk, or may enjoy day-trading and speculating, even at the expense of higher returns. Another retail investor may be focused on saving for retirement, have little interest in the task of picking investments, and primarily want oversight and protection from the perils of the market.2