The Aleph Blog » Blog Archive » Why I Don’t Write a Newsletter

Why I Don’t Write a Newsletter

At various points over the last 20 years, various friends have encouraged me to write a newsletter.   I have resisted these requests, because in general, I don’t have respect for newsletter writers.

If you’ve got great ideas, invest in them, and start a firm to do so for others.  Don’t hide behind the virtual sham of “this is only entertainment.”  I’ve been blogging for seven years, and I am not trying to entertain but to educate.  I don’t give financial advice because I don’t know who I am speaking to; everything is general, so what I write may be applicable to some readers, but certainly not all readers.

Second, since I have created my own firm, I owe a duty to my clients that they get my best insights, implicitly or explicitly.  Implicitly: I no longer mention what my holdings are, unless I write about them.  At present, the sharpest reader who is not a client knows 20% of my equity portfolio at best.  Explicitly, I write to my clients once a quarter, and tell them what I am thinking, and why I have taken the actions that I have in their portfolios.

It is simpler for me from an ethics and compliance standpoint to keep public and private information separate.  It gives my clients the focus they deserve, and allows me to write on a wide amount of topics of interest to many people, without doing damage to either side.  As always, if I have a position in something I write about, I will disclose it.

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One Response to Why I Don’t Write a Newsletter

  1. […] Why David doesn’t write a newsletter.  (Aleph Blog) […]


David Merkel is an investment professional, and like every investment professional, he makes mistakes. David encourages you to do your own independent "due diligence" on any idea that he talks about, because he could be wrong. Nothing written here, at RealMoney, Wall Street All-Stars, or anywhere else David may write is an invitation to buy or sell any particular security; at most, David is handing out educated guesses as to what the markets may do. David is fond of saying, "The markets always find a new way to make a fool out of you," and so he encourages caution in investing. Risk control wins the game in the long run, not bold moves. Even the best strategies of the past fail, sometimes spectacularly, when you least expect it. David is not immune to that, so please understand that any past success of his will be probably be followed by failures.

Also, though David runs Aleph Investments, LLC, this blog is not a part of that business. This blog exists to educate investors, and give something back. It is not intended as advertisement for Aleph Investments; David is not soliciting business through it. When David, or a client of David's has an interest in a security mentioned, full disclosure will be given, as has been past practice for all that David does on the web. Disclosure is the breakfast of champions.

Additionally, David may occasionally write about accounting, actuarial, insurance, and tax topics, but nothing written here, at RealMoney, or anywhere else is meant to be formal "advice" in those areas. Consult a reputable professional in those areas to get personal, tailored advice that meets the specialized needs that David can have no knowledge of.

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