[1]: p.57 In September 1980, with financing from James Davidson and William Bonner, Hulbert launched Hulbert Financial Digest, a publication that tracked the performance of investment newsletters from the perspective of actual subscribers, including the timing and specificity of the buy/sell information published in such newsletters..

[5] From 1998 through early 2010, Hulbert wrote a column on investment strategies published in the Sunday edition of The New York Times.

[15] Hulbert admits that his newsletter has no value to a hypothetical emotionless investor: "Simply put, the odds are overwhelming that — over the long term — you will make more money by buying and holding an index fund."

But real investors are "...unable to hold an index fund through a bear market, and by selling near the bottom they fail to realize ... [the] theoretical longterm potential."

In contrast, he claims real investors are "...likely to make more money ... by following strategies that are statistically inferior ... but which are psychologically superior..." because the investor will follow their chosen advisor newsletter rigorously, which is preferable to buying an index fund but panic selling in a down market.