Perhaps it would behoove Christopher Cox, chairman of the Securities and Exchange Commission, to pay heed to the wise words of the old professor. Cox has vowed to regulate hedge funds, but why, wonders Andrew Morriss. Cox is looking for law in all the wrong places, according to Morriss, a professor of business law and regulation at the Case Western Reserve University School of Law. Writing in the Financial Times, Morriss muses on the apparent rush to regulate. “Mr. Cox and the SEC would do well to first identify the problem the regulations are intended to solve.” It seems that while the SEC’s heart may be in the right place, its head isn’t. Writes Morris, “Does the Harvard University endowment (more than $25 billion) or the California retirement system (more than $211 billion) need the SEC’s protection? I think not. Hedge fund investors are well aware of the risks of the investment strategies their funds follow.” Finally, Morriss serves up this tasty morsel: “There are no villains with pencil-thin moustaches defrauding orphans and widows in the hedge fund sector. Let the market sort out the effective funds from the ineffective ones and let the SEC focus on the problems already on its plate.”