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"... I'm very aware of how the government, if it doesn't use its enormous power judiciously, can do great harm to individuals, firms and markets, ruining lives and reputations, bankrupting people, and stifling the free flow of information and ideas. The case of Porter Stansberry, a newsletter publisher who's been sued by the SEC, appears to be one such cautionary tale...He wrote to his subscribers yesterday, describing his 5+ year, $3 million ordeal that resulted from what appears to be little more than excessively enthusiastic promotion of a newsletter that had a valuable (and later proven to be correct) tidbit of information he claims to have gleaned from a conversation with the investor relations guy at a company. It happens thousands of times a day I have no doubt that fund managers or analysts talk to management teams or IR people and think they've learned something material, usually not via a blatant, deliberate violation of Reg FD by the company, but more from body language, reading between the lines, etc. – and then they trade on their interpretation of what they thought they heard/saw. If this is a crime, we're going to need to build a lot more jails. In Stansberry's case, he thought the IR guy said something important that would move the stock. He did NOT trade on the information; rather, as a newsletter published, he published it – for a fee, of course (with a money-back guarantee). The IR guy denies sharing the information (surprise!), but since there's no recording, it's a he-said-she-said – yet this is the basis for the entire suit: that Stansberry was deliberately lying about what he reported in his newsletter in order to mislead/defraud his subscribers. If this is the basis for a lawsuit, the burden of proof has to be VERY high – not just a he-said-she-said, especially since the information Stansberry reported turned out to be TRUE!"

— Whitney Tilson - founder and Managing Partner of T2 Partners LLC

So, now it's a crime to simply be wrong and maybe cost someone some money? In that case, there are 534 (minus an old Texas MD) candidates for immediate arrest on Capitol Hill.

Any competent adult who has any business handling his/her own financial affairs is aware that what is purchased from Mr. Stansberry, a full-service broker, or any of the countless other investment information resources in the world is advice, aka informed opinion. An opinion that, in common with any opinion on any topic, may be right or wrong. Caveat emptor.

Mr. Stansberry had no financial interest in the security at issue, and there are no accusations of "securities fraud" in any rational sense. He wasn't even really "wrong." As a New York Times article pointed out, "Mr. Stansberry's report was more premature than inaccurate." Any of his subscribers who were displeased enough with his opinion on the matter had only to request and receive a refund.

Bottom line: If the SEC were as interested in genuinely protecting investors as it appears to be in casting the pall of its bureaucratic overreach to smother the offering of paid advice, it might have had the resources to earlier interdict more serious wrongdoing. Does the name "Madoff" ring any bells?

— Paid-up subscriber M. Moran

In your 2002 advertising essay alluding to USU I thought you were illustrating your observations, methods, insights, skills, and teachings and offering subscriptions for sale on the basis of these. I did not believe you were specifically selling the identity of USU and the USU recommendation.

This is because your advertising message provided all the information I needed to identify USU as the company you were discussing, spending just a couple of minutes doing internet searches. I previously had no knowledge of USU or the uranium industry.

At the time I did not subscribe to your publications. However, after a year or two I eventually realized the value of your observations, methods, insights, skills, and teachings and I paid you $5000 for an S&A Alliance membership. This membership has provided me with an abundance of newsletters and reports. I believe that I have received good value for this purchase for their educational content.

As proof that I identified USU from your advertising message, I bought 1000 sh USU on 5/14/02 @$7.84. I sold it on 6/20/02 @$8.15, which is not much of a profit, but that was my call. I have documentation of this. Your company records will verify that I was not a subscriber to any of your publications during this period.

In summation, it is obvious that you are not guilty of selling the disclosure of USU as the company you wrote about--because you had disclosed this information for free. Rather, you were selling a subscription to your educational newsletter describing how to approach stock purchases profitably. This was not tantamount to brokering anything, it was simply educational.

— Paid-up subscriber C. Swartz, PhD, M.D.

Porter: I am an academic cardiologist, with over 200 scientific publications in the medical literature. I have lectured all over the world, and have a great reputation in my field. Nevertheless, like most doctors, I was a horrible investor, and managed to lose a lot of money. This all changed after I became Stansberry and Associates subscriber. I had taken several other newsletters, but their stock picks were simply correlated with the overall market direction, so I did not fare well. Now, after about 3 years of figuring out my personal style and developing the discipline to stick to trailing stops and position sizing, I am a good investor. The credit goes to you, not for your stock picks, but for the education I have received from you. It is priceless. If you never picked another stock, I would maintain a lifelong subscription just for the fabulous learning experience. I cannot thank you enough. In closing, I wish you well with the SEC legal matters. I have personally testified before the FDA, so I am quite aware of the intellectual shortcomings of government bureaucrats. I hope and pray that our courts will vindicate you. I remain your grateful and loyal subscriber.

— Paid-up subscriber P. Grayburn, M.D.

I am taking the time to write this email after reading your description of the current legal confrontation with the SEC in which you are engaged. I want to state at the outset that I could be the tightest person to whom you sell subscriptions, as I guard my capital jealously, but I am an Alliance member and view it as one of the best educational investments I have ever made in my life; it has done pretty well for me in a financial sense as well.

First of all, it is hard to conceive that, in a country founded on the principles of liberty and freedom, we seem to have progressed to a point where, if we hold and express views held in contempt or disdain by the government, we must now live in fear of crushing and ruinous retribution taken against a private citizen by the very government that is supposed to serve us and protect the very liberty they have begun to attack. Legitimate fear of an oppressive and powerful central government and the entrenchment of a ruling class were two of the primary motivations behind the inclusion of the chains placed upon the power of the central government within our Constitution. It is only through the willingness and financial ability of people such as yourself to defend our freedom of speech that the remainder of us have any hope of retaining it. Thank you for your battle to protect the rights that are supposed to be unquestioned for all of us.

Regarding some of the allegations made against you, I would like to refresh your memory of a story I am sure you have long forgotten. Back in the day when your business was know as Pirate Investor, you published a marketing letter for a premium service ( I believe it may have been the early Diligence) touting the prospects of a small bio tech company. I took the information contained in that letter and used it to identify the company on my own as I D Biomedical. I was so pleased with myself that I wrote you a letter patting myself on the back for identifying the "mystery company" without spending the money to purchase a high-priced newsletter. I was astonished to receive a rather congratulatory response from you and, not being one to use trailing stops at that time in my investing career, I purchased IDBE shares from around $4.00/share down to $2.50/share and rode the ups and downs until I finally sold at approximate $29.00/share. Upon receiving your gracious response to my notification that I had "lifted" your recommendation, I believe I sent you a note back stating that I would be a subscriber for life. I had quite a few shares and made quite a bit of money. I believe I have thanked you on several occasions but thank you yet again. This investment was the first "home run" that I had ever had with information obtained through anything other than my own research, with which I had been fairly successful.

Through my association with your company over the years, I have learned to protect my capital more effectively, expand my investment horizon, educate me in my understanding and use of safe and profitable techniques of which I would have otherwise probably never been aware and continually reinforced my belief that only I am responsible for the investment decisions I make and that I should not allocate capital to investments that I do not understand.

I would have to check my records, but I think I have now been receiving some level of research from you for almost, if not, ten years. While I have both made and lost money on investments you have recommended, it has always been my decision whether or not to invest my capital and I have always found you and everyone in your company to conduct yourselves with the highest level of character and integrity. Given the nature of the industry in which you conduct your business and the duplicitous tactics employed by many of your competitors and the businesses on which you conduct your research, it is almost incomprehensible that the SEC would attempt to trample your rights as a citizen rather than focusing its efforts on the true charlatans populating those industries. I suppose it gives great credibility to your speculation that it could, at least in part, result from their disapproval of the light you shed on some of the corruption of the system they have created to enrich themselves at the expense of the average investor.

I don't know if this type of correspondence would be of any help in a legal context but I certainly hope that, if nothing else, it gives you some sense of satisfaction to know that there are a great many people out here upon whom your work and educational efforts have had a tremendous positive impact. It is truly shameful that we now seem to live in a country where we have legitimate reason to fear the abolition of our basic rights by the very government which was created to defend them.

— Paid-up Subscriber K. McGaha

I just read the report of your experience with the SEC with utter dismay. Wow...this stuff really happens in America? Then I remembered:

I am a Registered Investment Advisor who is regulated by the SEC. Consequently, I have been subject to SEC audits which are dominated by detail examinations of whether I initialed a form in the proper place, whether I have "written" insider trading policies even though I am a sole practitioner, whether I do "self testing", etc. but never an overall examination or question of "am I serving my clients?". So it is no mystery to me that the SEC misses the forest for the trees in cases like Madoff. They scour my records for details but have not to date considered the big picture.

In terms of support for you, I will repeat what I wrote to you in 2007 which you published in the S&A Digest on July 11, 2007:

"I have been an investment manager for over 20 years. In that time, I have reviewed and tried scores of investment research letters. I am now down to Stansberry Research and one other and use them pretty much exclusively as a starting point for my own research. I don't buy all the recs but pick and choose based on my own methods and homework. As a result, I have some from each publication. I have been an Alliance Member for over three years and it was the best money I ever spent on my business. I have happy clients and I am extremely pleased with the research and analysis provided as well as the new publications that come with the service."

I would repeat exactly the same thoughts today. Good luck to you in your case!

— W. Heximer, Heximer Investment Management, Inc.

I am an investment professional of some 20 years market experience. I have traded for Hull Trading (bought by Goldman Sachs), Morgan Stanley, was a UBS O’Connor hedge fund manager, and most recently work for BBVA as a sales professional.

I find Porter’s research to be excellent, well reasoned and above all truthful. It is a pleasure to receive his golden grains of gumption where so much research these days is chaff.

I look forward to many years of a business with this man through my subscriptions to Stansberry & Associates newsletters.

— Paid-up Subscriber A. Wilkins

It is amazing what can happen when you don't have the right "government" connections. I work for a relatively small broker/dealer. In 2004, we were sued by the NASD for selling our clients Enron bonds several months before the collapse. We did not have independent fixed income research and all bonds were required to have an investment grade rating to be recommended to clients (which was the case when the Enron bonds were sold). In other words we relied solely on the rating agencies.

Did anyone go after the multi-billion dollar rating agencies who dropped the ball on their Enron analysis (and who subsequently went on to be one of the major factors in the real estate crisis)? No... They went after a small company they felt could be intimidated and chalk up an easy win. Luckily, we were purchased by a larger company, fought the charges, and won.

Good luck with your case, I support you 100%. In our situation, we had customers who unfortunately experienced losses. I'm not sure who the SEC is trying to protect in your case. I've been a subscriber for a few years now and have been in the financial services industry for more than 15 years. Your research is among the best I've seen in my career. By the way...the person spearheading the campaign against us was Mary Schapiro (then Vice Chairman of the NASD). Who is John Galt?

— Paid-up Subscriber S. Shepich

Porter, I was appalled to read the details of your litigation w/the sec. I am a graduate of Stanford law school. while I am not a securities lawyer, what you relate does not comport with what I know of securities law, nor do I see how the actions of the sec that you have described serve one iota to protect or advance the interests of investors like me. your publications, on the other hand, do protect and advance those interests. I am probably one of your earliest alliance members. as such, I have read all of your company's research for many years and have regularly profited from the insights provided by same. I am a partner in a boutique law firm principally focused on matters relating to real estate. I initially became an alliance member because of the work in your extreme value newsletter on companies with large holdings of land that were being undervalued by the public markets. given what I do for a living, I understood the value of that research , invested accordingly, and sold when I started to see real estate deals getting stupid (i.e., underwritten not on the now but on the expectation of ever increasing prices in the future with ever more exotic financing/leverage being used to target same). I profited handsomely from having done so. I have an undergraduate degree in economics and am a business lawyer. as such I regularly review and advise clients regarding private placements, joint ventures, acquisitions, dispositions and, in the old days pre-crash, development deals. I know what due diligence and thoughtful analysis are. your publications all have them and have them in spades. I have, over the years, paid for other lifetime subscriber deals similar to the alliance that have been offered by other publishing groups. while I have gotten value from all of them, I can safely say that the newsletters written by your stable of analysts have provided me with the best research of all of the newsletters that I read. there is no cheerleading, no momentum based gee whiz, no ridiculous pie in the sky me too comparisons, etc. in your newsletters or research reports. though I have never written in before, I am a huge fan. I would unhesitatingly recommend your publications to others and have done so. I would be personally harmed in my efforts to be an informed investor and to provide for my family by seeking to invest my savings wisely if I did not have the benefit each month of what you and your stable of analysts write. please keep up your good work. it is a privilege for me to be a part of it. I would be happy to speak with anyone regarding how I feel about you and the business that you have built.

— Paid-up Subscriber N. Ramniceanu

I have had a 25 year career on Wall Street primarily dealing with recognized dealer proprietary trading accounts and large, international institutional clients on the customer side.

Since leaving the day-to-day world of exchange floors and direct phone lines, I've traded my own capital from my home/office over the Internet. One cannot do this with any degree of success without very good research. I was lucky enough to learn about Stansberry and Associates through a reference on another financial site.

Based largely upon your research and that of your colleagues, I have set up an excellent dividend-paying stock account as well as a bond account and a daily trading account. The trading in each account is based upon research that I receive from Stansberry and Associates. I stopped my subscriptions to many other "research" firms as they were, at best, only occasionally helpful, sometimes inaccurate and often just plain wrong.

Stansberry and Associates publishes the finest, most well written, most unbiased and valuable research of any of the numerous investment advisory letters to which I have ever subscribed! I make consistent monthly income from your recommendations and trade with a great deal of confidence knowing that the information that I receive from you is unbiased, timely and accurate.

You and your firm have my enthusiastic and unwavering support. I applaud your willingness to go to the mat with the SEC. I would wager that you will prevail.

— Paid-up Subscriber P. Appleby

I have been a regular reader and subscriber of Stansberry (and Agora) since early 2005.The analysis and products are nothing short of fantastic. The approach is fearless and entertaining.

I have performed investigations of financial failures including PONZI schemes, primarily on behalf of Bankruptcy Trustees, for over 25 years.

I have been involved in several matters that were simultaneously under investigation by the SEC. I have yet to see SEC investigation findings that reflect a deep rooted and effective process. Unfortunately it appears the SEC employees are primarily channeled by the bureaucratic directions and limits of their system.

Your services are not a problem but rather serve as a PRESCRIPTION to the problem that the SEC was created to address.

We have a society in which financial education is completely inadequate. Your publications provide one of the best sources for that badly needed education.

The SEC is doing a disservice to investors like me that rely on your cutting edge research and commentary in these volatile times.

I do hope the Government will move on from you and focus its resources on the many frauds and misleading reporting problems that plague our financial system. If they would do so, maybe the next Madoff will be stopped in less than a decade!

— Paid-up Subscriber J. Crom, CPA/ABV/CFF, CIRA, CFE

I am a Alliance Member. My story is similar to many you have probably read. I had a rather large sum of "safe" money in a Merrill Lynch CMA. I was earning 4% in a money market and was completely content. The money was set aside for a new business that I was in the process of starting. I wanted no risk to capital so the account just sat there for about 9 months. Every week or two I got a call from the broker telling me about these "fantastic investments as safe as a CD paying a great qualified dividend". I went to lunch with him and learned more about these vehicles-preferred stocks in insurance companies and banks. I was a trusting fool and believed the sales pitch without researching him. So I tried one, 2000 preferred shares of AIG. After getting my first dividend, I was lured into getting some more. Bank of America, Royal Bank of Scotland, Wachovia. In August of 2008 I wanted to sell them all because they were down and they were never supposed to go below 23-24. After listening to my broker, I was convinced to stay in until the next dividend payment. Needless to say in one day in September 2008 lost 50% of my net worth. I held through the fall of 08 and then cashed out in January with a net worth 30% below where I was before the safe investments.(SEC should be after those guys) I accepted that this loss was my fault for not knowing what I was investing in. I trusted a "professional" in the industry. After that financial loss I became motivated to seize control of my investments. I have learned so much from you and your staff. I have been trading mostly in my 401k and I have more then doubled it since I started taking your advice. I am now applying the knowledge you share to earn a living. I love stocks, investing, your insights, your staff and all the things you offer. I have recommended your letters to everyone that I know. Please do not back down to the SEC! We support you and all of your staff.

— Paid-up Subscriber D. Hann

I have been a subscriber to many of your publications for about 8 years and an Alliance member for about 5 years. Overall, I have been quite satisfied with your work and have profited substantially by following recommendations in your various newsletters. Actually, for several years just about all of my investment activity has followed advice in your publications. I particularly like Investment Advisory, 12% Letter, Extreme Value, True Wealth and S & A Resource Report. I did invest in USEC after reading your report I sold out a few months later after making a few thousand dollars.

I want you to know that I am very satisfied with my Alliance subscription, am much impressed with the quality of your research, trust the integrity, objectivity and judgment of your editors and continue to rely almost exclusively on S & A recommendations. I completely support you in your legal battle with the SEC. This is clearly another example of the politically motivated hypocrisy and malfeasance that permeates so many of our government agencies. Such scandalous behavior has greatly undermined the faith the American people once had in their government. I applaud and commend you for having the courage (and financial resources) to fight for your constitutional rights of freedom of speech and press in this issue. Hopefully, the Supreme Court will rule in your favor. Good luck!!!

— Paid-up Subscriber R. Avitabile

Sorry, I do call you Porter when I am muttering at my computer screen.

I am over 70 years old and have been investing for a bit over 50 years. So, I have seen a great many ups and downs in the market and a great many commentators and advisers, good and bad. I also like to think that I can spot phonies, con-men, and B.S. artists rather better than most investors, having been "taken in" a few times --- although it is of course deadly to think that one is immune.

I suppose that I have subscribed to, at the very least, 20 different investment advisors, newsletters and such over this half a century. Yours are the best.

I consider your newsletters (I subscribe to almost all of them) to be the best that I have ever subscribed to. Your newsletters are well worth the money I pay for them. If I ever run into Dan Ferris, I will buy him a bottle of whatever his favorite drink is, if he drinks. OK, I will buy him a case assuming it is not some hundred year old French Champagne.

I run a dozen investment accounts for various friends and family and the total value of these runs into quite a few million dollars. My investors (whom I do not charge) are delighted with my returns and believe me to be a genius; my secret, of course, being Stansberry & Associates.

So, bottom line, I am delighted with Stansberry & Associates. There is not the slightest indication that you are front running, scamming, or playing games with the stocks your excellent researchers have recommended.

I wish you well in this odd encounter with the SEC. (Wait a minute, hasn't the SEC had to have a considerable reorganization in recent months due to some egregious incompetency?)

— Paid-up Subscriber P. Collins

I was a subscriber in 1999 and paid the $1,000 for the report that has the SEC prosecuting Porter. I made money AND got the $1,000 refunded. Porter's S&A Alliance is the best comprehensive investing/trading service that I have found since I started looking for investment research back in1999. Should anyone ever want market advice, this is the place to begin.

The SEC charges are offensive to me and American freedom.

— Paid-up Subscriber T. Easler

A person with an experience is never at the mercy of a person with an argument. So, from experience, let me tell you what Stansberry Research has done for my family. My father and I both retired from Amoco Oil Company/British Petroleum. Dad didn't live very long after retiring, and mom, nor anyone else in the family, knew anything about investing. Mom decided to use Merrill Lynch to mind her estate of about $120,000.00, which they did in a Managed Account - all calls were theirs. As my retirement approached, I mentioned to mom that I was going to roll over my company savings plan into Fidelity, who managed BP's retirement plans. Mom said her portfolio was "in the tank." I asked to see her statements, and sure enough, it was down to $60,000.00. She had taken a 50% haircut in the bust. Further investigation showed her money was all in high-risk Janus tech funds. And she is 70 years old at the time. We then moved her money to Fidelity, and I retired and set up my account with Fidelity, also. While at the Fidelity offices, we were told by the Fidelity folks that mom had a case against Merrill Lynch as they were not supposed to have mom in risky funds like they did at her age. A lawyer friend at a very large law firm in St. Louis area (Simmons/Cooper) told her same thing and said with certainty they could recover her funds. Mom and dad raised us to take responsibility for our own actions, which mom did in this case, saying she should not have waited so long to mention to her children what was going on as the account had fallen over several months.

So, mom and I began our investing careers in earnest. Neither of us could use a computer, and mom did not even have one. My father-in-law gave mom his old computer, and a good friend began showing us how to use the thing. We started out with Mutual Funds from Fidelity, which did well. However, while dad and I were working, we had always had every cent we had in Amoco, and later, BP stock. We missed having our own company to root for. So we began searching, ever searching. At first, we would read books, articles, and things on internet, anything written by Warren Buffet or Peter Lynch, until finally I stumbled onto something written by Matt Badiali. We then found Stansberry Research. Started with the S&A Oil Report by Matt, as oil was what we both knew best. Over next few years, I added more and more research report letters from Stansberry until finally taking out an Alliance membership in late 2009.

And how did this all go? Well, prior to the market crashing in 2008, mom had recovered all, and my account had likewise gown beyond my wildest expectations. But there were storm clouds on the horizon. Mom and I would have most likely been oblivious to this had it not been for the many ominous warnings written by the team at Stansberry and read by us on a daily basis. We had long before gone to an all cash position by the time the market crashed in the fall of 2008. Watching in wonder and well aware that many folks had lost half of their net worth, we had no intention of re-entering the fray, but were content to just watch and wait. However, the team at Stansberry began almost immediately telling their subscribers that this was indeed a great buying opportunity, and might well be the buying opportunity of our lifetimes. So in November 2008, mom and I began buying. We are quite pleased that we did.

While I have come to respect, admire, and appreciate all of the analysts at Stansberry, we have a few favorites just because of our own situations (i.e. - retired). Mom and I would both willingly crawl over broken glass across several states to speak on their behalf. We have gladly and thankfully entrusted all of our net worth to the investment advice we have gotten from them over the years, and look forward to having their guidance until the end. Drop by my mom's house anytime during market hours, and you will find the laptop sitting on the dining room table with Stansberry Research or her Fidelity page on the screen, and the TV in living room turned to FBN or CNBC. When we are driving in the car or sitting around talking, we mention Porter Stansberry, Dr. Steve Sjuggerud, Dan Ferris, Matt Badiali, Jeff Clark, Braden Copeland, Frank Curzio, Sean Goldsmith, Tom Dyson, Mike Williams, Brian Hunt, Dr. David Eifrig, George Huang, and Rob Fannon as if they were old family friends.

We have learned ever so much that guides us, like position sizing, stop losses and trailing stops. We are better able to see and understand the big picture. And we spend very little time worrying about our portfolios.

At present time we have 38 stocks in our portfolios that were recommendations of one or more of the analysts with Stansberry. We are up on 30, and down on 8. However, on 2 of the 8 it is "my bad" as I did not buy below their "buy up to price" but got greedy and worried they would go up without mom and I. So actually, when I followed directions we are UP on 30, and DOWN on 6. They are as follows:

UP - ROY 40.77%, ATADF 44.24%, ATUSF 9.23%, AUXVF 3.38%, AXL 9.18%, BRKB 18.03%, CLL 9.45%, CRS 6.73%, DTV 1.95%, EGO 7.06%, FMO 49.21%, FRX 1.83%,GDX 39.97%, GIGM 7.79%, INAP 5.96%, JINFF 56.19%, KEP 9.61%,MCD 16.49%, MSFT 44.61% NAK 43.25%, PM 5.34%, REXX 52.89%, RRFFF 59.87%, SHAW 26.43%, SHLM 5.88%, SJT 3.20%, SVM 28.52%, SVVS 3.93%, TQNT 15.16%, XOM 1.77%.

DOWN - ABX 7.47% (my bad), CMED 5.66%, DNR .96%, ENZN 14.34%, IOC 15.85%, NGLPF 12.65%, RAMPF 24.08%, SLW 9.54% (my bad).

I also have BP since November 2008, UP 27.40%. Matt said buy an Integrated Oil Company and he recommended COP, but since BP was my old firm, I chose it, but would not had not Matt said buy an Integrated Oil Company.

In closing, let me say that I respect and trust completely the folks at Stansberry Research. Porter, Dan, Steve, Matt and Braden have given us most of our picks. They update us regularly, and either assures us all is well, or warn us we need to be alert. They also monitor our stop losses. Mom and I have stopped out of three positions over the years. A very small number compared to our great number of winning trades. We could not be happier. I am willing to discuss further my experiences with Stansberry Research at any time with anyone.

— Paid-up Subscriber M. Hines

Move over Porter. If you’re criminally fraudulent then we must be co-conspirators. Myself and I’ll bet others would stand with you. They better get a bunch of cells ready.

Seriously, your advice has saved me from two major stock market crashes in the last 10 years. I may have not made a whole lot of money as my retirement is tied up in a 401K and just a small IRA for stock investment but I haven’t lost money either due to your warnings. Meanwhile I am receiving a good education on how to handle my retirement savings (not by investing in the limited mutual funds the 401K offers) when I retire and handle it myself. Your publications have informed about conservative safe investing through position sizing, limiting losses, asset allocation and market warnings. It is not just some hot stock publication intent on just selling letters which is why there is a full money back guarantee. Thank you, Thank you, Thank you.

— Paid-up Subscriber D. Williams

Add my name to the list of supporters of Stansberry Research. I began my association with your publications with a subscription to the Oil & Gas report in 2007, now the Resource Report. I have been investing in equities since 1992, but had no experience or idea of how to value oil, mining, or royalty companies. The archives, special reports and email updates have been a tremendous resource in helping me become familiar with this sector. What I didn't expect was the tremendous education from the free reports that came along with it, the Daily Wealth, Growth Stock wire, Daily Crux updates, and the S&A digest. The updates from the Stansberry analysts, like Mr. Clark & Mr. Huang about market opportunities or risks have lead me to appreciate technical analysis and have a deeper understanding or risk/reward. Quite frankly, the education from your staff about trailing stops, position sizing, and managing risk helped me realize that some of the trades I DIDN'T make were as important to my financial well being as the ones I did make. Most of all, learning to sell options helped me archive the best results of my investing career in 2009. My taxable account was up 122% mostly due to selling puts, while my Roth Ira enjoyed 48% from selling calls on Mr. Badiali's recommendations from the Resource Report.

I can't say strongly enough how much I enjoy the transparency of your organization as well as the knowledge that your policies on prohibiting analyst owning recommendations eliminate any potential conflicts of interest. Please continue to persevere in your dealings with the SEC. You've earned the support of our family.

— Paid-up Subscriber A. Jovanovich

Your advisory and others within the Stansberry research group have been a valuable resource to me, providing cutting edge research, analysis and perspective for the small investor. It was of interest and disturbing to read of your travails with the SEC around this case. The SEC suit make sense perhaps only in the tortuous logic of a bureaucracy intent on asserting its power and scope, but with little apparent benefit to the interest of the investing public who end up paying the bill for the effort.

Porter Stansberry's published advice "tantamount to brokering the stock"? Come on give me a break! Are the operations and public recommendations of Consumer Reports tantamount to negotiating the sales of cars and appliances?

If the SEC can find little better to do than attack public dissemination of valid information, while allowing to slip past the operations of the likes of Bernie Madoff, we need to re-think the entire structure and operations of this agency.

With sympathy and admiration for the personal resources and treasure you have already expended for the protection of your first amendment rights, I encourage you to pursue your case to the highest court of the land. It just could be that the outcome will establish further legal bulwark and spare others from having to defend their first amendment rights against frivolous attack by powerful government entities.

— Paid-up Subscriber K. Burns

Porter, let's hope the SEC gets back to doing their jobs of overseeing the purchase and sales of stocks, bonds, etc., instead of going outside of their jurisdiction. How does the SEC believe that somehow they control what you recommend? S&A Investment Research’s policy of not owning any recommended stocks or bonds to it's readers and that being the case how does that involve the SEC? What led them to your door?

As for me personally, S&A has taught me how to buy and sell stocks and bonds and your recommendations have money for me. The education is "priceless". Before S&A, I had a 401k with only mutual funds, which were selected on how they performed the year before. I know how to do a little research on my own, thanks to you and your knowledgeable editors, but I really rely on the recommendations I receive from S&A. I have tried other research firms and without a doubt yours is the best. I guess the best is always scrutinized the most from the outside.

I don't know if this letter will help your case, but I hope the Supreme Court sees this issue for what it is, a witch hunt, because you speak the truth, which always prevail. Good Luck......

— Paid-up Subscriber J. Lento

I sympathize with your situation. It is a shame the SEC is able to strong arm business organizations in such a way. I am a former USMC Intelligence Analyst with first hand experience of how important it is to provide factual, accurate and trustworthy information to those who rely on it. As a Private Wealth Alliance subscriber I respect your opinion and find it to be one of the most factual and accurate analysis of investment opportunities. You are in a truly elite and rate group that tells it how it is - good or bad. As a former Marine I hold integrity high on my list of personal qualities I value in others, and you sir have it in spades. If we had more congressmen like yourself I am confident our nation would be in a significantly different and better situation. At the end of the day we all put our 'pants on one leg at a time'. We are all human and thus imperfect. US Government employees are paid by and serve the citizens and should be held to a higher standard than all others and serve with the utmost integrity. It is unfortunate all of those that serve the US citizen don't hold themselves to such a strict level of integrity. When influenced by self-interest or corruption they do us all a disservice and should be help accountable with strict action taken. In your situation no one was hurt, no one's property was damaged and your source of information didn't protest. Yet the US government has wasted millions of dollars of tax payers' money attempting to find you guilty of a victim-less crime - which in my opinion was just an act of free speech. At what point does the SEC use a little common sense and integrity? I think SEC lawyers would do tax payers and US citizens justice by following some advise from Abraham Lincoln - "Discourage litigation. Persuade your neighbors to compromise whenever you can. As a peacemaker the lawyer has superior opportunity of being a good man." I believe you were within your First Amendment Rights of free speech and I hope common sense rules in your favor. I look forward to your organization's honest and straight-forward newsletters in the future.

— Paid-up Subscriber S. Applegate

The mission of the SEC is to protect the public from traders who profit dishonestly at the public's expense.

The person at fault was the USEC's investor relations officer who disclosed material information to Porter Stansberry without making it available to the public at large. He should have made the information publicly available at the same time as he told it to Porter. The SEC should not make Porter the scapegoat. He had no way of getting the information except from USEC.

To avoid any conflict of interest, Porter Stansberry never purchased the stock and never benefitted from its subsequent rise in price.

We have been subscribers to Stansberry Research and Alliance members since 2003. We value our subscription for the quality and integrity of its research.

We are both Chartered Financial Analysts. John Cooper was chair of the Ethics Committee for the Detroit Financial Analysts Society for 12 years and is well versed in ethical procedure. We have never found Stansberry Research to be anything but open, honest and capable.

— Paid-up Subscriber J. Cooper, CFA

America needs an organization like the SEC to help protect our citizens against dishonest money managers and stock brokers. When very public violations are brought to the our citizen's attention, we read stories about how the SEC is understaffed and overworked. I offer that if the SEC focused on their primary job of protecting American citizens and left businessmen like Porter Stansberry alone to help his customers, this would be a win - win situation.

Since subscribing to Porter Stansberry's publications I have been extremely impressed by the quality and objectivity provided in their newsletters. It is readily apparent that these publications are well researched, organized and written with the goal of providing honest information and teaching their readers to become better investors. For this I am very grateful. Porter's newsletters provide me an absolute wealth of information that I have not been able to find elsewhere. Though I do not act on all of the recommendations that are provided by Porter's publication, I can honestly say that I do learn something from each recommendation and as matter of fact, I have learned to invest in new areas where before I had felt intimidated.

I sincerely hope the SEC will drop their misguided legal proceedings against Porter Stansberry. It is very important that Porter be able to continue to provide his readers (aka students) the top notch quality information that he shares with us on a daily basis. It is my privilege to be able to subscribe to Porter Stansberry's publications.

— Paid-up Subscriber D. Roseberry

Porter Stansberry is one of the best, most honest, market researcher/analysts out there. His work has helped me tremendously in protecting and growing my wealth these past years. His research and investment recommendations have been invaluable to me and the guidance he provides in his newsletters gives me clarity and understanding whereas most mainstream commentary and analysis does just the opposite.

The SEC is obviously abusing it's power by harassing Porter, a man who has proven himself to be of the highest moral integrity. I find the SEC's behavior in this matter to be shameful and a blatant attempt to undermine truth, justice and the First Amendment. Through his years of excellent work building his highly respected company, Stansberry and Associates Investment Research, and in fighting the SEC's corruption, Porter has clearly demonstrated himself to be what I consider a true hero, and I stand by to give him my full support and endorsement.

— Paid-up Subscriber M. Sawkar

I'm writing this letter in support of Porter Stansberry and his work as a financial newsletter writer.

I've been a subscriber for many years, and place his work in the highest regard. At no time have I ever seen any evidence that he is not representing his subscribers. I've never seen any evidence of conflict of interest.

Your attack on Porter, on the other hand, is clearly not in my best interest. Any person who writes a newsletter that I subscribe to must be able to express himself candidly and honestly. Your attack undermines the relations between writer and reader and seems to indeed be an attack on the first amendment to our constitution.

Since the SEC is (at least theoretically) an institution serving the public, I respectfully request that you focus your efforts on perpetrators of genuine fraud and theft; e.g. Timothy Geithner, Hank Paulson, Ben Bernanke, Bernie Madoff, et al.

— Paid-up Subscriber E. Theobald

I am a modest and reluctant investor in stocks, bonds, etc. that are represented on paper. I became a reluctant investor as a young professional man after being “ripped off” many times by retail brokers of major name brokerages. I have mostly invested in small real estate deals which I could completely control myself and have been modestly successful. I have, and do, subscribe to a number of financial newsletters. I have been doing so for a number of years. I have been following a number of newsletters for several years now and I have found that by noting a particular recommendation, following it (without investing), and then evaluating it at a later date, that the Stansberry group provides excellent and accurate advise. I have also found that besides the investment advice reading their publication is one of the best sources’ of business information and education that I have found anywhere. I am now 70 years old and have owned and managed 3 pharmacies, 2 gift stores, small apartment buildings and presently own and operate a retail/wholesale battery company. I only wish Stansberry’s service was available to me as a young man. I can guarantee I would be a better businessman, investor, and much more financially successful. The actions of the SEC regarding Porter Stansberry are disgraceful and are particularly egregious considering the recent revelations of various Ponzi schemes as of late. So many laws, so much selective enforcement, so much corruption, so many really meaningful potential investigations to conduct, and so much time, money and resources wasted. I find the Stansberry groups research very valuable and useful and deplore any attempt by the SEC or any other authority to limit my access to such a private publication that has such high standards.

— Paid-up Subscriber R. Williamson

I have subscribed to Porter Stansberry's Investment newsletters for several years, and find them to be more truthful and produced with more integrity than almost any other source I have come across in over 25 years as an investment professional. I have worked for Chase, Credit Suisse First Boston, and was a Managing Director at J P Morgan. I have been an independent Registered Investment Advisor since 2003.

The behavior and treatment of Porter Stansberry by the SEC in recent years is simply appalling, and I say that in the full knowledge that the SEC is my own regulator and that this statement may put me at risk of retribution.

— Paid-up Subscriber C. Belchamber

I have been a subscriber of the Stansberry organization I think since it started. I joined the Alliance group about 8 (?) years ago when it was first offered. I can say that over the years Porter and his organization have never to my knowledge ever published anything that was not checked and re-checked.

I consider myself lucky to be associated with his organization and intend to continue to listen and follow his and his associate’s recommendations - I might add that I have made a great deal of money following them.

I have worked in the financial business for 30 years until I retired, subscribed to many newsletters but stayed with only two. Porters organization is top shelf. May I suggest that you read Porters letter and check the facts before you folks waste any more of our taxpayer’s money on these frivolous lawsuits.

— Paid-up Subscriber J. Bonamarte

I have had a 25 year career on Wall Street primarily dealing with recognized dealer proprietary trading accounts and large, international institutional clients on the customer side.

Since leaving the day-to-day world of exchange floors and direct phone lines, I've traded my own capital from my home/office over the Internet. One cannot do this with any degree of success without very good research. I was lucky enough to learn about Stansberry and Associates through a reference on another financial site.

Based largely upon your research and that of your colleagues, I have set up an excellent dividend-paying stock account as well as a bond account and a daily trading account. The trading in each account is based upon research that I receive from Stansberry and Associates. I stopped my subscriptions to many other "research" firms as they were, at best, only occasionally helpful, sometimes inaccurate and often just plain wrong.

Stansberry and Associates publishes the finest, most well written, most unbiased and valuable research of any of the numerous investment advisory letters to which I have ever subscribed! I make consistent monthly income from your recommendations and trade with a great deal of confidence knowing that the information that I receive from you is unbiased, timely and accurate.

You and your firm have my enthusiastic and unwavering support. I applaud your willingness to go to the mat with the SEC. I would wager that you will prevail.

— Paid-up Subscriber P. Appleby

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