The panelists discuss how investors can balance the opaque risks of early adoption of financial innovations with the genuine benefits of doing so, and what the fiduciary duty of advisers are with respect to their “early adopter” clients. They also consider the implications of the increased use of derivatives, high-frequency trading, and other products. When considering new capital-raising mechanisms, what is the right balance between freeing capital for new enterprises and protecting investors from their worst impulses?