America is a free country. People are allowed to take all sorts of ill-considered risks: They can day-trade put-options, bet on sports from their phones, even go BASE-jumping. But unless they are wealthy, they can’t invest in private assets.

That may be about to change. Last week President Donald Trump issued an executive order to allow people to invest their 401(k) in private assets, and meanwhile, the U.S. House is considering a bill that would allow more people to buy unregulated securities. The goal is clear — to sweep away rules that restrict Americans’ ability to invest in private equity and private credit.

I consider myself libertarian-ish politically, and tend to be suspicious of government regulation. And from a financial standpoint, I think investors are generally underexposed

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