Rendering a court decision in 1830 Judge Samuel Putnum from Massachusetts suggested trustees should:

“observe how men of prudence, discretion and intelligence manage their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income, as well as the probable safety of the capital to be invested.”

Sound like wise to me!

Unfortunately, we have witnessed over the past few years the end of the Prudent Man era, and the beginning of the Alpha-the-almighty one. I guess we are switching back to the Prudent Man approach, for a while at least…