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The basic rationale for switching from the Prudent Man Rule (PMR) to the Prudent Investor Rule (PIR) is that the PMR: A. was permitting fiduciaries to take risks that were deemed unacceptable when reviewed in court. B. views the decision to invest in each asset in isolation, while the PIR recognizes the major tenets of modern portfolio theory and views the decision to invest in a given asset relative to its impact on the portfolio as a whole. C. is process-oriented while the PIR is a results-oriented framework. |