The Revolution in Trust Investment Law
American Bar Association Journal
Trustees' conventional investment practices may be producing inadequate results in view of the growing body of evidence that stock picking and mutual funds are not outperforming, and perhaps may be underperforming, the market. The new learning has resulted in the "market fund," which should receive judicial approval for prudent investment standards. Thereafter trustees may be running a risk of surcharge in continuing to use the old methods.
Richard A. Posner & John H. Langbein, "The Revolution in Trust Investment Law," 62 American Bar Association Journal 887 (1976).