Answer the following question:

Emmy Lou Tyler is a successful folk-pop singer who has performed since she was a child with frequent national and international tours. As her business manager, you remember her saying that she was politically conservative and financially hyper-conservative. At the beginning of last year, you invested Emmy Lous money in a cryptocurrency fund that historically had yielded an average return of 15%. This investment rose 20% in value last year, but it fell 35% in value during the current year. You invested your clients money in this fund without consulting her because she expressly authorized you to make investment decisions for her while she was on tour. Your client has demanded that you reimburse her for her losses. Are you liable to her? Why or why not?