If you do one... you gotta do'em all. It's keenly obvious that the whole thing is wrapped in the 'money for an opinion thing'.... and that's probably what the SEC is after here.
So if I said my favorite stock pick... xxzz was a hot runner, and charged 20 bucks for this one piece of info on my website, then I would be in violation of securities laws for not disclosing my position... compensation... etc ad nauseum.
HOWEVER.....
If I did it for free... then would the SEC gun toters still be after me? Or just lifting up rocks looking for worms where there aren't any?
So I love a company, and through 10 to 100 different message boards, I promote the stock.... and often. I don't take money for it. I'm a wanna-be that owns 1000 shares of a 10 cent stock, hoping that it goes to 20.
Then again, I start a web site, with so many disclaimers that it makes a philadelphia lawyer's head spin... and charge an entry fee.
Which is legal?
Hell, I quit posting about my enthusiasm for a couple of nasdaq listed companies because of reports that the SEC was going to investigate the chatrooms and the people posting there...
This is probably one of the toughest free speech -vs- capitalism issues around for the moment...
I think that given enough time, SEC investigators may be carrying guns just like postal inspectors do. (Or do they already?)
Honestly, if you're just totally stupid, got a few bucks (and are too lazy to work to make your living.. as posted previously) to lose... then you deserve to lose them.
The advice industry is just like the medical industry... if you don't charge a bloody fortune for your service, then people don't feel like they're getting anything.
Marketing 301.
It's quite unfortunate that people with Masters Degrees and PHD's are just as vulnerable as those that live in a trailer park waiting for the ice cream man.
Maybe the SEC should call their efforts... the anti-investor-spam campaign. AIS for short. Or was what he provided... spam? or was it good?
There are real implications to this on both sides of this issue. I tend to lean towards the side of money, and the power that it has.
If I lost money on this guy's picks, and the trend continued downward, then I'd just stop listening to him, and no longer subscribe.
If I broke even, then I'd just continue to listen, since I've lost everywhere else.... (Yep.. I'm lazy too!)
Otherwise, I'd roll out the red carpet. Like sending him a Christmas bonus, invite him to a great home cooked dinner, and set him up with a nice woman friend.
Real intellect is priceless. What's the doctor's opinion of your upcoming heart surgery worth? Licensed or not... either way, he/she has a financial interest in it to be reckoned with. Tee time or not.
So, what about all the unlicensed 'herbal health practitioners'.. or alternative medicine types? Try the vitamin industry... Yuk! Maybe we need a vitamin IPO right about now!
So try transferring your stock certificates without getting a merit signature certification... Is there a regulating authority to certify second (verbal) medical opinions? In one case.. you could be talking about a person's life savings... in another.. their life.
At least when it comes to money and stock ownership, there is something to fall back on... Real Work.
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