The choices are many and the differences extreme. Some letter writers cast their advice widely over the market. Others concentrate on gold stocks or even wine companies. Some newsletters offer only ideas and information. Others make specific investment recommendations and follow the results in a portfolio.
Price tags are all over the map, rising to several hundred dollars for a one-year subscription.
Delivery comes through the mail, by fax machine or by e-mail. Telephone updates between editions from newsletter authors are still popular. Every subscriber's hope is that by finding that one good letter he or she has erased all future stock, bond or mutual fund picking labors. The idea is appealing, but the price of a mistake could be large. Hulbert's newsletter follows the stock and mutual fund recommendations of investment newsletters to see what returns a subscriber actually would have earned.