1. at 30, 33. 129. A passive strategy, of course, is not always prudent regardless of the circumstances. As under current law, it would still be imprudent for a trustee to invest 100% of trust assets in a lowcost S&P 500 ETF when the beneficiary is highly risk averse;N Y;Hindsight Bias and the Curse of Knowledge: Forewarned Is Forearmed, ABA TR. & INV,1963
2. This opinion remains highly influential in defining the scope of advisers' duties. See, e.g., Arthur B. Laby, Fiduciary Obligations of Broker-Dealers and Investment Advisers, 55 VILL;Id;L. REV,2010
3. concluding that the Supreme Court's decision in Capital Gains "deemed [investment advisers] fiduciaries vis-�-vis their clients, owing them duties of loyalty and care"). These duties are enforceable by private parties or the SEC through the Investment Adviser Act's anti-fraud provision in � 206(2). Investment Advisers Act of;See Donald;Brokers as Fiduciaries,1940
4. ) (providing that an investment adviser "must make suitable recommendations to its clients in light of their needs, financial circumstances;Mlc See;SEC No-Action Letter,1997