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Certainly not always been the case. If you see Sid, tell him:

https://www.youtube.com/watch?v=nedVpG-GjkE

that is pure gold.

That ad says to get a prospectus, not "buy".

I have seen ads for investment trusts in the UK in railway stations, Janus Henderson in this case. That was a for an investment house not and individual security.

I have had several of their trusts in my portfolio for decades now.

At least in Canada, venture companies frequently advertise their stock.