If there is one thing that bothers me " and it's why I do this blog free " is that people selling bad investment advice and bad financial products have become ubiquitous. The sell-side is ever-present, and their failings amount to a monumental scam and an outrage.

Think for a moment about the value of the advice given in the December 7, 2005 blog I did on precious metals. Then think about all the times I have stated that Wall Street is broken and needs to be fixed. Jack Bogle says the same thing.

America alone throws away over $200 billion a year on wasted fees for under-performing mutual funds. And think of all the billions in fees earned by the banks in selling their "no-fee" CD's and ARM's that are going to end up killing American families by robbing them of the fruits of their labor, and their inherited estates.

I even joked about this in my blog (first done at my TraderWizard blog) called: "Value-Add is Good".

But hundreds of billions of dollars wasted by the Little People is no small matter. The underlying problems must be addressed.

In that "Value Add is Good" blog, I wrote an important sentence: "The new law of evolution in the capital market seems to be survival of the Sell-Side!" I want you capital owners to think about this issue as markets transition from bull to bear.

And at the bottom of the next cycle, I am hoping that you will appreciate the importance of my advice to date, and the opportunity that exists in what I am setting up in Freeport on Grand Bahama Island.

It will be a place in the sun where a community of buy-side capital market traders will develop in the style of early academe. As we search for alpha, every piece of research, every opinion, will be challenged.

I believe the proof will be in the pudding there as well.