"They really have many newsletter publishers frightened about what they publish," he said.

There aren't many newsletter publishers who can afford to sink a couple of hundred thousand dollars into a suit.

Perhaps the biggest challenge facing newsletter publishers is preventing unauthorized use of their on-line content.

And few newsletter publishers can resist the urge to exaggerate their investing ability.

A newsletter publisher has stirred a war of words concerning the methods and motivations of business journalists.

"Many events claim large numbers of first-timers year after year," said Stewart, the newsletter publisher.

Mr. Murphy, the newsletter publisher, acknowledges that he did not typically stay for an entire cruise.

Today, more than 2,000 newsletter publishers offer advice to investors, as do hundreds of magazines, newspapers and other counselors.

But a few of them may be worth a look, said Mr. Mallon, the newsletter publisher.

One company, a newsletter publisher, ordered 5,000 names before a House subcommittee asked for more information about the ad.