Commodity futures trading - The reason is that by declaring his intention in each instance the investor has a better basis for judging whether the performance of his securities has been satisfactory.

The investor, for instance, who has settled on income as his main goal may be ill-advised to switch from a steady dividend-payer, which presumably answers his needs, to a fast-climbing growth stock whose flashy performance has caught his eye. It could be that the growth stock is intrinsically a better in-vestment, but in making the switch the investor must be prepared to adjust his investment philosophy accordingly. He is now investing for capital appreciation, and must apply criteria other than the size and regularity of his dividends in the evaluation of his stock. There is no argument, of course, against the move that succeeds. The investor who can jump from something good to something better need not worry about the consistency of his investment philosophy. A profit at the end of the year speaks for itself.

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