would have been worth much more had it been properly invested.
meaning of investment clause and as such believed their investment options were
much narrower than they actually were.
1922 and 1960 could not be judged by modern standards, as the modern ‘portfolio
theory’ favouring equity investment was not applied until after 1960.
significant real value this may indicate a prima facie failure to invest
properly, unless there were countervailing factors (as in present case)
trustees acting within their investment powers are entitled to be judged by the
standards of current portfolio theory, which emphasises the risk level of the
entire portfolio rather than the risk attaching to each investment taken in