The best is to name every single investor as super-duper sophisticated.

Sir Gillian Tett in suggest a new intermediate level of financial sophistication, college level perhaps, to handle the protection of those investors who might find themselves in the no man land of in between, “Sophisticated investor debate takes on a new dimension” May 7. I do not agree one category suffices the “super duper sophisticated”. Give each investor notice they have been considered to belong to this category and let the investors take it from there in the knowledge that when push comes to shove they are on their own.

And in the debate about bankers´ fiduciary duty the best way is for them to declare, in each operation, on behalf of whom they act, whether the buyer, the vendor or just themselves, which is also in their right, and then hold them strictly to that. What is worse is misrepresentation or lack of representation.