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To: Sr K who wrote (575)5/15/2000 11:01:00 PM
From: Q.  Read Replies (1) | Respond to of 1766
 
"Investment adviser" means any person who, for compensation ...

It appears that receiving compensation is a required condition for being an "investment adviser" according to SEC rules.

If you give your advice for free, as the average online poster does, then it doesn't apply. If you charge somebody, as TokyoJoe did his subscribers, then it does.