The value-investing approach of Al Frank Asset Management's The Prudent Speculator created strong gains for much of the past two decades. However, the company's investing style hasn't done so well lately, as the Al Frank Fund is down almost 28 percent so far this year, after gaining 30 percent in 2001.

Among the rest of the top five letters since 1982, NoLoad Fund*X, as its name implies, ranks no-load mutual funds and shifts investments as funds drop in its scoring system and are replaced at the top by others.

Value Line Investment Survey rates 1,700 stocks by expected performance relative to each other over the next six to 12 months.

The Chartist lives up to its name by eschewing fundamentals in favor of a purely technical approach to investing that basically boils down to "buy high, sell higher."

John Dessauer's Investor's World is another value-investing newsletter, but one that encompasses not only U.S.-traded stocks, but world markets.

Wall Street Winners concentrates on critical sectors of the economy to build a risk-management portfolio. In addition to core long-term holdings, editors provide short-term trading strategies.

All Star Fund Trader is all about moving in and out of mutual funds quickly to capture short-term momentum from the hottest sectors. Holdings typically last two to three months.

At the other end of the investment style spectrum sits Equity Fund Outlook. While All Star's adherents don't hang onto funds long enough to care about who runs them, Equity Fund's system is based on finding the best-managed funds. Equity Fund uses a formula that compares funds' performances in bull and bear markets to see which funds provide the best return over the long haul.

All Star and Equity do have one thing in common: both are run by former IBM programmers.

Investment Quality Trends represents something of a throwback: it relies on good old dividend yields to find undervalued stocks. The newsletter generally recommends buying blue-chip issues whose dividend yields are near historical highs and selling when those yields approach lows.

The International Harry Schultz Letter, based in Switzerland, claims the distinction of being run by a man listed in the Guinness Book of World Records as the world's highest-paid investment advisor for the last 20 years. As you could guess from the name, it tracks all major markets around the world.

The Ruff Times isn't just an investment publication; it's a political and ideological journal. The online masthead proclaims the newsletter's mission loudly: "Fighting for Judeo-Christian Values and Free Market Principles." According to the Web site, typical subscribers are "salt-of-earth God loving and God fearing people who love their country, but fear and distrust their government."

Bernie Schaeffer's Option Advisor focuses on timing the market correctly with, naturally, options. It has 10 options recommendations per month, and detailed trading strategies.

Martin Weiss' Safe Money Report views stocks in terms of risk, which has given Weiss a reputation as a "permabear" investor. With that kind of philosophy, it's no surprise the newsletter has done relatively well over the past two years, after being drubbed in the 1990s.

John Myers' Outstanding Investments specializes in stocks of companies that produce basic goods, raw materials and energy.