Id a bit angry. But the only qualification to be a sophisticated...

Id a bit angry. But the only qualification to be a sophisticated investor is cash. You can be as thick as a puddle but still be sophisticated in the eyes of the corporations act. That's why you don't need a prospectus to issue shares to them - most would have trouble reading it. The term is just another way to make them feel special and regurgitate cash. Who would invest in a company on the condition there's no prospectus and think they've got an advantage in not being informed - sophisticated.... hmmmm.