I've read a lot of different investment newsletters, from the Dines Letter to the Medical Technology Stock Letter to Richard Russell's Dow Theory Letters. But the only newsletter I've read that is consistently entertaining and insightful (and may even be worth subscribing to) is Doug Casey's International Speculator.

His writing is sharp and provocative. He has a truly cosmopolitan perspective, and he often uses Mencken's term "Boobus Americanus" to describe the average American. You might have some difficulty with this... he often comes across as a terrible snob, but I think he's basically a decent guy.

He tends to recommend a lot of microcap stocks, especially in the natural resources area, which may also turn you off. Look beyond that... his general commentary about the state of the markets and the world at large is always excellent.

Because of his experience with junior gold stocks, he had especially good insight into the Internet stock mania as it was occurring. He wrote in the September 2000 issue:

"The utter insanity of the whole dot com bubble will have people shaking their heads in a few years, and it will likely go down in history along with the Tulip Mania and the South Sea Bubble. A lot of people are on record saying things like 'this is the largest creation of wealth in world history' about the Internet Bubble. Just like they did in previous manias. But the essence of a mania has far more to do with mass psychology than any changes in the economy. Mass psychology is a constant; it's not 'different this time.' Although, surprisingly, a lot of pundits have been saying this."

And from the February 2001 issue:

"Markets are remarkably similar across time and space. But you only have to go back to the junior gold market in 1996 to recall the spate of frauds that were perpetrated and/or uncovered at the peak (Bre-X, Cartaway, Timbuktu, and Delgratia are just four that come quickly to mind.) Will it happen among the New Era stocks? If you don't think so, then you think human nature has mutated just in the last four years, as Analog Man has evolved into Homo Digitalis. I'll remind you that hi-tech lends itself to chicanery even more than does mining, simply because the average guy doesn't have a clue about what's involved in black boxes. Wait and see. The bear market has just begun."

Anyway, check out his site if you've never heard of him and want to learn more.

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