Aren't you concerned that, by constantly talking about how [the gurus] became so successful, you'll create a following that will, in turn, increase competition and reduce your potential investment returns?

One thing that history has shown us is that most people are never really introduced to business investing, just growth and value investing/investments. And that makes a heck of a lot of sense. If you look at the expense ratio of the F Wall Street portfolio, you'll see that we effected just nine (now ten with the purchase of LNY) transactions in fourteen months. Any broker handling that account would starve to death having us as clients. Last year, four of the largest publicly held Wall Street firms generated more than $425 billion in revenue. To maintain that level of revenue on the backs of business investors, they would need more than 4.5 billion clients — roughly 70% of all individuals in the world.

But, if they can get you to double the number of transactions, they would need half as many clients to achieve the same level of revenue. If, on your own or (more likely) through their mutual funds, they could get you to do 100 transactions a year, they would need just 45 million clients — 99% fewer clients for the same revenue.

Thus, where is Wall Street's incentive to promote business investing?

The unintended result of these discussions about investing — growth investing, value investing/pretending, business investing — is that more people become interested, engaged, and intrigued. Sadly, many of these people don't have Aunt Bea and Grandpa Earl's patience and understanding (or the ability to recognize their lack of understanding) of investing, or the desire to learn how they should invest; so, they will jump from ship to ship in search of fast profits.

(Many people are so disgusted or disheartened with Wall Street and investing that they simply put it on the back burner, choosing to do nothing rather than risk making a mistake.)

This continued and growing trend will add more and more volatility which, in turn, can actually increase the potential for profits for true value investors but reduce the overall expected return for most "traditional" investors as they continue to trade and invest on emotion and lack of coherent, intelligent strategy.

Is value investing/pretending dead? It will have its moments in the sun. But mark my words: Business investing (Old-Fashioned Value Investing) will only get better.