1. TMC0 is TMC as it were before the first market day of the year started.

2. TMCi is TMC at the end of the i-th day.

3. In the Constant TMC model, TMC at the start of each market day is set to the TMC0 value.

All the prices are normalized to the value, multiplied by the factor

k = TMC0/TMC(i-1)

This model is stable, from the psychological point of view. To say, there is no reason to take your money out of such a fund market entirely, if you don't actually need them elsewhere. At plague, natural disaster, war - it's stable, in this particular sense of the word.

Nevertheless, Constant TMC fund market cases deflation and recession. In the best case - stagnation.