Paul discusses a recent study by Mark Hulbert of The Hulbert Financial Digest, which tracks the results of hundreds of financial newsletters. The study looks at the returns of cheap versus expensive newsletters. Which are better? Listen and learn the answer. By the way, if you like to root for the underdog or have a serious frugal streak, you will be glad to learn that one of the newsletters – which did better than the average of the most expensive newsletters – was absolutely free. As Vanguard founder John Bogel said, "When it comes to investing, you get what you don't pay for."