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The price of the bond \\(B_{t}\\) solves \\(d B_{t}= rB_{t} dt,\\;B_0=B\\), where \\(r>0\\) is the interest rate. The price of the stock is modelled as solution of problem  \\[ d S_{t}=\\mu(S_{t})S_{t} dt+ \\sigma(S_{t})S_{t} dW_{t},\\quad S_0=S\\geq 0, \\]  where \\(W_{t}\\) is a Brownian motion. The investor rebalances his portfolio dynamically by choosing at any time \\(s\\in[t,T]\\) the amounts \\(\\pi_{s}^{0}\\) and \\(\\pi_{s}\\) to be invested respectively in the bond and the stock accounts. He also consumes out of his bond holdings at a rate \\(C_{s}\\). His total wealth satisfies the budget constraint \\(X_{s}=\\pi_{s}^{0}+\\pi_{s}\\) and the stochastic differential equation  \\[ d X_{s}=rX_{s} ds+ (\\mu(S_{s})-r)\\pi_{s} ds- C_{s} ds+ \\sigma(S_{s})\\pi_{s} dW_{s}, \\quad X_{t}=x\\geq 0,\\;0\\leq t\\leq s\\leq T. \\]  The investor's objective is to maximize his expected utility  \\[ J(x,S,t;\\pi,C)=E\\left[\\int_{t}^{T}U(C_{s}) ds+ \\Phi(X_{T})/X_{t}=x, S_{t}=S\\right], \\]  where the utility function \\(U\\) and the bequest function \\(\\Phi\\) are of the form \\(U(c)=c^{\\gamma}/\\gamma\\), \\(\\Phi(x)= x^{\\gamma}/\\gamma\\). The value function of the investor is \\(v(x,S,t)= \\sup_{(\\pi,C)\\in{\\mathcal A}}J(x,S,t;\\pi,C)\\), where \\(\\mathcal A\\) is some set of admissible control processes \\((\\pi_{s},C_{s})\\). The author proves that the value function \\(v\\) is given by \\(v(x,S,t)=x^{\\gamma}w^{1-\\gamma}(S,t)/ \\gamma\\), where \\(w(S,t)\\) is the solution of the problem  \\[ w_{t}+{1\\over 2}\\sigma^2(S)S^2w_{ss}+\\left[\\mu(S)S+ {\\gamma(\\mu(S)-r)S\\over (1-\\gamma)}\\right]w_{s}+{\\gamma\\over 1-\\gamma} \\left[r+{(\\mu(S)-r)^2\\over 2\\sigma^2(S)(1-\\gamma)}\\right]w+1=0 \\]   \\[ w(S,T)=1,\\quad \\text{and}\\quad w(0,t)=\\left(1+{1-\\gamma\\over r\\gamma}\\right) e^{(r\\gamma/(1-\\gamma))(T-t)}-{1-\\gamma\\over r\\gamma}. 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