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Quotation from SEC v. Edwards by Supreme Court of the United States
“There is no reason to distinguish between promises of fixed returns and promises of variable returns for purposes of the test, so understood.”
SEC v. Edwards, Opinion of the Court (Justice O'Connor), Part II (U.S. Reports text (Legal Information Institute))
Justice O'Connor states the core of the holding after explaining what profits means in Howey.
Citation: "There is no reason to distinguish between promises of fixed returns and promises of variable returns for purposes of the test, so understood." — Supreme Court of the United States, SEC v. Edwards, Opinion of the Court (Justice O'Connor), Part II (U.S. Reports text (Legal Information Institute)). (id sec-v-edwards-q2)
Portrait: Sandra Day O'Connor crop, Library of Congress (Transferred by Sven Manguard,, Public domain.
