Just to further mark the absurdity of the Wall Street Journal's venture-capitalist exempting test for intrusive regulation, as discussed below: "Washington could let the SEC address any concerns simply by adding three questions to the form: Do you use leverage? Do you trade equities or debt? Do you trade derivatives? Anyone answering 'no' to all three would be free to go find the next Microsoft." This afternoon came news that Warren Buffett's Berkshire Hathaway "returned to profitability in the second quarter on gains in derivatives tied to world equity markets." The Journal seems to be suggesting that a venture capital fund that invests in unproven startup companies is somehow less risky than buying a share of Mr. Buffett's Berkshire Hathaway.