A consistently high turnover should be critically examined. As a rule, the annual turnover of investment companies has been moderate, with some exceptions. Most investment companies (whether open-end or closed-end funds) do not try to "beat the market." From studies, experience, and observation, they have found the pitfalls on this road. With relatively few exceptions, policy now is limited to shifts among different stocks or industry groups and to moderate shifts among different stocks or industry groups and to moderate shifts from common stocks to bonds and preferred stocks.

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But a year later the stock might sell, for example, at 25, so you could buy 80 shares. This method, as you can see, would enable you to buy the stock at a quite low average price, since in a year when the stock was "down" you could buy twice as many shares for the same amount of money. Purchase of stock on the Monthly Investment Plan, or of mutual funds on installments, achieve much the same results. You will find this business of selecting stocks and building a portfolio can add zest to your life as well as augument your capital and income. Bear in mind too that the three program types listed earlier are by no means inflexible. You can make any combination of income, speculative, or growth issues you want.

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The average investor in closed-end investment companies is also fifty-five years old. His annual family income is almost $8,900; besides his investment company shares, he has accumulated individual stocks and savings worth slightly less than $22,000. Occupationally, professional people are the largest category of holders, about 30 per cent; roughly 20 per cent are in the executive-administrative group. Retired persons are third among the "lump-sum" purchasers. Those in the over-sixty age group form the largest category of regular account holders; persons in the thirty-to-forty-years age group make up about 60 per cent of the accumulation-plan holders. Institutional investors are important.

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"FOR GOOD MEASURE1' Almost always, after we have discussed a problem with a friend, we think back and say to ourselves: "Why didn't I add this, and this? How could I have overlooked that?" This chapter is the result of such questioning, as it were. We began with a "fireside chat." Let us see what an equally informal chat with the reader-investor would cover after he has read this book. Actually, we have gone over the essentials, but shading and emphasis need touching up.

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