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2018 Fourth Quarter Commentary

For printable version which includes all graphs and tables, please click here.​​​​ Capital Formation and Prudence in a World of Funny Money The common law establishment of the Prudent Man Rule (now also referred to as the Prudent Person Rule) dates back in English history to 1754 in the case of Belchier v. Parsons and in U.S. history to 1830 in Harvard v. Amory. According to Wikipedia, Massachusetts Justice Samuel Putnam in Harvard v. Amory ruled that in the absence of specific direction relative to investing, a trustee or fiduciary was charged “to observe how men of prudence, discretion and intelligence manage their own affairs, not in regard to speculation, but in regard to the permanent

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