Diversification
•    Must diversify portfolio
•    Jones
–    Actual damages plus interest are damages measure
–    But should it have been appreciation measure?
–    Ascher thinks eventually will be appreciate damages
–    Problems:
–    Didn’t diversify
–    Didn’t follow internal procedures
–    Didn’t keep in mind widow’s needs
•    No diversification wrt original assets in Texas – 113.003
–    Nor wrt to other ones – 113.056c
•    Must diversify with Restatement 3rd
•    Mayo
–    Conservation of trust property
–    Judge says ignore grantor and what he says and invest in stocks, etal.
–    Prop 112.031
•    Pulitzer – p/ 705 in Langbein article – which says trust FBO beneficiary NOT trustee
–    Couldn’t anticipate newspaper would lose money
–    Langbein says ignore all economic restrictions in rules
–    But I want to be able to leave farm in trust and not allow sale!!