Suppose he intends, at retirement, to choose the "joint and survivor" option, thus giving his wife an income lasting as long as she lives. But if he dies before actually retiring, his employer will not pay a pension to his widow. So it might be sensible for him to carry life insurance to protect his wife against the risk of losing him and the pension together. Under many pension plans, benefits are paid to no one except a retired employee, as long as he lives. Even in the generally sensible Social Security program of the Federal Government, when a retired worker dies, his widow's pension is cut to half of what the two were receiving. In principle, the effect of such pension rules can be improved by life insurance, but after age sixty-five the cost is prohibitive.

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Despite all these sources of information, investors must not allow themselves to be persuaded that it is essential to buy the shares of an investment company before they have had an opportunity to read the prospectus. This computation needs little elaboration. In most instances, open-end companies have chosen at the start to fix the capitalization so that distribution is effected at a low price per share, merely on the assumption that the investor prefers to have a substantial number of shares for each $100 invested. This tendency was more common in the early thirties than in recent years. It will be observed that the load is computed in two ways: (1) in relation to the net asset value and (2) in terms of the offering price itself. The net asset value is usually determined by valuing the securities at the last sales price if such sales price can be determined or by the last bid price or at the mean of the closing bid and asked prices.

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Were the lest examples to be continued a few more years into the fifties, the constant-ratio plan would pull even farther ahead, due to its built-in advantage in a rising market. This would be especially significant in this case, because by the end of the test the constant-dollar formula is only about 30 percent in stocks, while the constant-ratio plan is still at 50 percent. AUTOMATICALLY ADAPTIVE It might be worth pointing out that, since the long-term trend of the American economy has always been irregularly upward, the constant-ratio plan promises to be able to adjust itself to this gradual rise somewhat better than the constant-dollar plan. Naturally, the uptrend is subject to frequent declines or periods of stagnation”sometimes of considerable duration”but the upward movement has always reasserted itself in time. The constant-ratio plan provides some protection during these periods of decline, while continually adapting itself automatically to changing market conditions. Lucile Tomlinson presents results of a series of five hypothetical constant ratio plans, each covering 11 years in the 55-year period 1897-1951.

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