Uniform Prudent Investor Act
The Uniform Prudent Investor Act (UPIA), which was adopted in 1992 by the American Law Institute's Third Restatement of the Law of Trusts ("Restatement of Trust 3d"), reflects a "modern portfolio theory" and "total return" approach to the exercise of fiduciary investment discretion.
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“Thus for each blunt-faced ignorant one
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Safety with virtue of the sun.
Thus concepts linked like chainmail in the mind.”
—Thom Gunn (b. 1929)
“While yet it is cold January, and snow and ice are thick and solid, the prudent landlord comes from the village to get ice to cool his summer drink; impressively, even pathetically, wise, to foresee the heat and thirst of July now in January,—wearing a thick coat and mittens! when so many things are not provided for. It may be that he lays up no treasures in this world which will cool his summer drink in the next.”
—Henry David Thoreau (1817–1862)
“Every act of conscious learning requires the willingness to suffer an injury to one’s self-esteem. That is why young children, before they are aware of their own self-importance, learn so easily; and why older persons, especially if vain or important, cannot learn at all.”
—Thomas Szasz (b. 1920)