Fertilization of ponds is a tool to use in the proper circumstances only. Like a hammer can be the right tool to drive nails it is also not a good tool to cut tile or glass. I don't blame the hammer if I break the glass trying to cut it to size. It is nether good nor bad but a tool.

If you have a natural bloom and 18in visibility you probably don't need any fertilizer. Most ponds do not need a fertilizer program as they have natural fertility. If such a program is not needed then you will not need as much lime. It is still good to add lime if your alkalinity is low as it allows your natural fertility to work better and buffers the pond against big pH swings. The real key is the closer the pond water pH is to the pH of fish blood (average blood pH of 7.4 for fish) the better the fish thrive. Nature's simplicity at work. Here is a link on the subject from SARC.

http://srac.tamu.edu/tmppdfs/13452410-46...facb58338461b24