Modern Portfolio Management and the Prudent Man Rule
Jan 1987 (sadly very outdated but perhaps insightful historically)
" the book uses illustrations drawn from such traditionally suspect categories of investment fiduciaries as securities lending, real estate, venture capital, options and futures and repurchaser agreements. An unusual examination of the interaction of the worlds of law and finance, this work will be of interest to fiduciaries who are subject to some from of prudent man rule and all others, including judges, lawyers and investment managers, who are called upon to interpret and apply that legal standard."
page 90 had an interesting indirect discussion of securities lending history and the prudent man rule...
goes pretty far back actually... pretty interesting in that they show the income falling dramatically as more and more institutions entered the picture competing for fees drove the fees collected downward...
no discussion on whether SL in itself wasn't prudent but does point out the if everyone else does it, it must be prudent mentality of innovation.
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