''Prudent man rule''
en.wikipedia.org/wiki/Prudent_man_rule
The prudent man rule is based on common law stemming from the 1830 Massachusetts court formulation, Harvard College v. Amory[1]
The prudent man rule, written by Massachusetts Justice Samuel Putnam (1768-1853), directs trustees "to 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."
Under the prudent man rule, when the governing trust instrument is silent concerning the types of investments permitted, the fiduciary is required to invest trust assets as a "prudent man" would invest his own property with the following factors in mind:
o the needs of beneficiaries;
o the need to preserve the estate (or corpus of the trust); and
o the amount and regularity of income.
The application of these general principles depends on the type of account administered. The prudent man rule continues to be the prevailing statute in a small number of states, in particular with regard to investments permitted by mutually-chartered institutions such as savings banks and insurance companies.
''Investment choices''
The prudent man rule requires that each investment be judged on its own merits and that speculative or risky investments must be avoided. Under the prudent man rule, certain types of investments, such as second mortgages or new business ventures, are viewed as intrinsically speculative and therefore prohibited as fiduciary investments. As with any fiduciary relationship, margin accounts and short selling of uncovered securities are also prohibited.
In contrast with the modern Prudent Investor Rule, isolated investments in a portfolio may be imprudent on individual merits at the time of acquisition, however, as a part of a portfolio, the investment could be prudent. Thus, a fiduciary may not be held liable for a loss in one investment.
''Trend''
Since the prudent man rule was last revised in 1959, numerous investment products have been introduced or have come into the mainstream. For example, in 1959, there were 155 mutual funds with nearly $16 billion in assets. By year-end 2000, mutual funds had grown to 10,725, with $6.9 trillion in assets.[2]
In addition, investors have become more sophisticated and are more attuned to investments since the last revision of the Rule. As these two concepts converged, the prudent man rule became less relevant. This discounting of the relevance of the prudent man rule is more the result of market forces than it is of the needs of individuals for "safety of capital". The 10,000+ mutual funds of 2000 have grown to over 15,000 mutual funds in 2006.
The prudent man rule in its broader interpretations implies that the fiduciary should perform enough due diligence to ensure that the company meets the investment needs of the investors. Typical due diligence includes discussions with management, vendors, and customers, as well as proper evaluation of any risk factors that might affect the performance of the company or its securities.
The modern interpretation of the "prudent man rule" goes beyond the assessment of each asset individually to include the concept of due diligence and diversification. This is sometimes referred to as the "Prudent Investor Rule". The logic is this: an asset may be too risky to put all your money in (thus failing the prudent man rule) but may still be very diversifying and therefore beneficial in a small proportion of the total portfolio.
fiduciary duty
SC: Seek immediate [F9-Sx_VB8239].
SC
Special Counsel
Durham
https://spacenews.com/nasa-shifts-earth-science-mission-to-previously-flown-falcon-9/
NASA shifts Earth science mission to previously flown Falcon 9
spacenews.com/nasa-shifts-earth-science-mission-to-previously-flown-falcon-9
April 14, 2022
by Jeff Foust — April 14, 2022
WASHINGTON — NASA’s embrace of reused rockets continued with an agreement this month to switch the upcoming launch of an Earth science satellite from a new to a previously flown Falcon 9, a change whose full terms remain proprietary.
A contract modification published April 6 for the agency’s NASA Launch Services 2 contract with SpaceX changes the upcoming launch of the Surface Water and Ocean Topography (SWOT) satellite from a new Falcon 9 booster to a previously flown own. The contract modification did not explain that change.
SWOT, a mission being developed in partnership with Canada, France and the United Kingdom, will monitor the location and volume of water both in the oceans as well as lakes and rivers, enabling scientists to measure the effects of climate change. The spacecraft, weighing about 2,000 kilograms, is scheduled to launch in November from Vandenberg Space Force Base in California.
NASA selected SpaceX to launch SWOT in November 2016, and at the time the mission was planned for launch in 2021. NASA said then the value of the contract was $112 million, which included the launch service as well as payload processing and integration services and other support. That amount was significantly higher than other Falcon 9 contracts NASA awarded to SpaceX, a difference NASA explained as being linked to the specific requirements of the mission.
Interest in launch vehicle reuse has been primarily driven by a desire to lower costs. However, in the case of SWOT, NASA said it switched to a previously flown booster for schedule assurance.
“From a SWOT perspective, knowing the booster assignment now (primary and back up) reduces overall schedule risk and enables NASA’s Launch Services Program team the opportunity to start performing vehicle insight early to ensure no increased technical risk,” NASA spokesperson Tylar Greene told SpaceNews.
While NASA accepted the use of previously flown boosters on cargo missions to the International Space Station for several years, and with crewed missions starting with Crew-2 in April 2021, the first NASA science mission to launch on a reused booster was its Double Asteroid Redirection Test (DART) mission that launched in November 2021, followed weeks later by the Imaging X-Ray Polarimetry Explorer (IXPE) mission.
“The success by SpaceX with previously flown boosters drove changes to the NASA Launch Services-2 contract that enables NASA to utilize this capability with missions already on contract,” Greene said. “The contract modification was executed after detailed evaluation of SpaceX’s vehicle refurbishment processes and the development of the government insight plan to ensure pre-flown boosters do not increase technical risk to missions.”
The published contract modification did not change the value of the award. “In addition to the schedule benefits, the government received considerations from SpaceX directly benefiting the SWOT mission,” Greene said. “The specific consideration given to NASA for the switch to previously flown boosters is proprietary to SpaceX.”
It’s unclear what sort of consideration SpaceX could offer that could remain proprietary in an unclassified government contract. SpaceX did not respond to questions about the SWOT contract change. The company infrequently responds to media inquiries.
The switch from a new to a reused booster, though, illustrated NASA’s growing acceptance of reused rockets. “Even though I was always excited about utilizing flown @SpaceX boosters on principle and also the impact on mission cost, I have changed my opinion about them slightly: I now PREFER previously used boosters over totally new ones for most science applications,” tweeted Thomas Zurbuchen, NASA associate administrator for science, shortly after the launch of the commercial Ax-1 mission to the ISS April 8, which also used a previously flown booster.
>VB8239
https://www.afjag.af.mil/Portals/77/documents/JAJD/ADC_Contacts.pdf?ver=2020-02-19-155833-627
https://twitter.com/SpaceX/status/1514738007340843021
Targeting Friday, April 15 at 6:41 a.m. PT for Falcon 9’s launch of NROL-85; weather is 70% favorable for liftoff →
http://spacex.com/launches/nrol-85/
6:50 PM · Apr 14, 2022·Twitter Web App
>and it was said he was a sexual predator who raped a 16 year old
https://youtu.be/w9cgVLFnVnI
Movie: Cmdr. Paul Eddington (Kirk Douglas), are tasked with salvaging a dangerous and important mission. =Rapes Nurse =>She Suicides=>Kirk goes on suicidal recon mission
1965 film