The CFA standard notes “Members and Candidates have a duty of loyalty to their clients and must act with reasonable care and exercise prudent judgment.” How does that fit with investing client monies in cannabis stocks or bitcoin. Or some of the high flyer tech names like Shopify or Lightspeed which, at this writing, have a scarcity of anything resembling profitability. We acknowledge their prices have risen significantly, but suggest these are speculative gains rather than prudent judgment. As we move closer to this cycle’s peak and shudder with expectation of the resulting trough, this month’s note discusses prudence. Extended bull markets, like the one we’ve been experiencing, will lead investors to throw caution to the wind – prudence will lead them to take a closer look at their investment model.