The future of financial newsletters

I have just attended what might be best described as "the Davos of financial newsletter publishers".

The group of publishers assembled at the Financial Marketing Summit reaches tens of millions of investors worldwide.

I was fortunate enough to be invited to a small, private dinner with some of the legends of the industry.

So, what did I learn?

Today's Weekly Dispatch will only be for you if you are a publisher, or if you are interested in how Undervalued-Shares.com is likely to evolve.

If you are primarily looking for investment ideas, you may want to skip this issue.

Past and present of the financial newsletter industry

Financial newsletters are a niche, but they have long been an important breeding ground for original thinking and lucrative ideas. They are a very distinct part of the publishing industry.

The authors of financial newsletters provide an independent perspective for an equally independent, well-read, and often well-travelled audience who have enough money to worry about it. Quite importantly, they traditionally try to explain things in a way you don't often find in other (mainstream) media.

In doing that work, authors of financial newsletters aren't necessarily trying to be objective. Instead, they are armchair philosophers who have opinions about how markets work. Ideally, these authors inform, inspire, and educate their readers all at once. Add to this the fact that they usually try to make their writing entertaining, because it helps to engage readers and ensures they look forward to opening the latest email. By not even trying to be conventional journalists, they gain more freedom to provide something their readers perceive as special and valuable.

Calling their readers "subscribers" is a term many authors and publishers use quite intentionally. People who read financial newsletters often want to subscribe to the author's point of view. They really want to hear what the author has to say. Much of this is about the personality of the author – cue people tuning in to "Jim Cramer" rather than to "CNBC"!

Unlike newspapers or magazines, there is usually a strong relationship between author and reader, and it's often a two-way street. Good financial newsletter authors encourage their readers to challenge them, because receiving emails from readers helps them refine their thinking using the extensive expertise and insights of their subscriber base.

It's quite a remarkable industry, and widely misunderstood.

Come to think of it, even the world's #1 newspaper covering markets started as a financial newsletter.

The Customer Afternoon Letter was created in 1882 by Charles Dow and Alfred Jones. Out of a daily pamphlet grew what is today The Wall Street Journal, a business that last sold for USD 5bn in 2007 and which would today be worth a lot more. To think: this started with a pamphlet that reported rumours and market movements.

The Customer Afternoon Letter – predecessor of The Wall Street Journal.

Fast forward 142 years from the days of runner boys delivering physical pamphlets to Wall Street offices, and you arrive at an age where seemingly EVERYONE is launching a newsletter. It's often done in the form of a Substack, which has become a category-defining term in its own right. In any case, the industry is now fully digitised, which has lowered the barriers to entry.

The Wall Street Journal recently described 2025 as "the year the newsletter business reached a fever pitch". It describes how Michael Burry, the short-seller of GFC fame, launched a Substack:

"Famed investor Michael Burry in November started Cassandra Unchained on Substack, where he shares his investment theories, including a recent one warning about an AI bubble. He now has more than 76,500 subscribers, a portion of whom pay $39 a month or $379 a year."

Many will wonder whether these are much more lucrative niche businesses than one would usually expect.

They certainly can be, provided you make them work. As the latest Weekly Dispatch on "Value Line – a Wall Street icon you didn't know was listed" stated, Forbes once dubbed this publisher of investment information "the best small company in America based on return on equity".

However, this is also a market with sometimes extreme cyclicality. What works (both for readers and publishers) is subject to regular change, and anyone trying to build a business in this space needs to stay on top of industry trends. Between market shifts, there can be phases when larger newsletter publishers have to lay off 40-50% of their staff to survive.

The biggest gathering to learn about these trends is the annual Financial Marketing Summit organised by John Newtson. The conference is the gathering of "FinPub", as some call the industry.

Not everyone is a fan of the sector. In 2020, the US Federal Trade Commission (FTC) launched a broad-scale attack on certain marketing practices pursued by some purveyors of investment ideas, trader education, and similar services. It wasn't the first time a government authority had to deal with the sector – and it won't be the last.

It's also a surprisingly big industry, at least by some measures.

During the boom years of the early 2020s, the three largest publishers in the space will probably have generated annual sales from finance-related products totalling a combined USD 2bn(-ish). On that revenue, they earned margins that would make many SaaS businesses blush. Outside of software and fund management, there is little as lucrative as selling financial information to a well-heeled audience.

Besides the few giants, there is a gamut of businesses operating with annual sales of USD 5-50m p.a. Those businesses also earn their owners a very decent living – more on one concrete (and inspiring) example later.

In addition, there are many individual publishers who earn in the hundreds of thousands per year. It can be a great lifestyle business, especially if operated remotely while travelling to exotic locales and based out of a tax haven.

Attending the three-day Financial Marketing Summit in Orlando from 5-7 January 2026, I took extensive notes on:

• Trends shaping the industry right now.
• Opportunities for growing a business in this space.
• Challenges every publisher needs to keep in mind.

I even met several of my readers at the event! Many financial newsletter authors subscribe to the work of colleagues, and the really clever ones attend the Financial Marketing Summit to figure out how they can help each other grow their businesses.

Takeaways from the Financial Marketing Summit

For everyone who didn't attend, here is the low-down of ten key learnings.

#1: The mainstreaming of financial newsletters

Over the past half-decade, stock market trading has entered mainstream culture. Not only that, but retail investors have just closed out their best year ever. As this slide from John Newtson's keynote presentation "The State of FinPub" shows, retail beat the big guys.

Source: "The State of FinPub 2026", John Newtson.

The record level of retail participation in markets isn't merely a result of booming markets, but a sign of an ongoing cultural shift in how people interact with the stock market. Investing and trading have gone viral in mainstream culture. The "TACO trade" was one of last year's major news stories, even outside finance. The pandemic kicked off this cultural shift in 2020 when meme stocks made mainstream news, and it continues apace.

Globally, there are now probably over one billion people who actively invest in one way or another. That's a multiple of the investing public of a generation ago, and the number is likely to grow further.

#2: Boomers, move over!

When you drill down into these figures, there are many variations.

For example, there has already been a partial shift from boomers to younger readers. Until very recently, American baby boomers represented the single-largest customer group for financial newsletter publishers. They were followed by European boomers, who also represent a large cohort, albeit with less capital under management.

For some publishers, boomers remain the #1 demographic. In fact, one well-known newsletter author told me last year that this would never change and that targeting a younger audience would always prove futile. For individual publications, that may well be true.

However, others already say that Gen X has become their largest customer base. Yet others report that Millennials are their largest demographic, often because of that generation's strong interest in crypto.

Being acutely aware of these demographic shifts matters not only for growth, but also for risk management. In 2008, boomers were still actively saving. When the Great Financial Crisis hit, they had income to rely on and capital they could deploy at advantageous valuations. As John Newtson put it: "You are one major market event away from that market getting traumatised. 2008 when people were still saving for retirement is very different from 2025. If something major happens to markets, this audience can shrink significantly."

Many publishers would be well-advised to pay closer attention to these generational shifts. In 2025, one in three 25-year-olds traded the markets.

#3: Investing behaviours are changing

This growing interest among younger generations is also driven by how they have been priced out of the real estate market and taxed heavily.

The traditional American Dream is no longer part of many young people's life plans. Buying a house as a way to save for retirement simply isn't something they believe in anymore. Many can only afford to buy a house so late in life that they cannot rely on property appreciation as a meaningful retirement strategy.

As a result, younger investors are thinking much more actively: trading trends for immediate gains, leveraging limited capital through options, or placing "YOLO" (You Only Live Once) bets that could be life-changing. This cultural shift has normalised trading. Some call it "the rise of speculation culture".

Being active in markets is now seen as a new path to wealth and security. Whether it works out is a different matter – market fundamentals don't change overnight. But investor behaviour does. With residential real estate no longer seen as a guaranteed appreciating asset, thinking about retirement will continue to evolve.

Taken together, it's no surprise that financial newsletters have gone mainstream. While the market will keep growing, what readers expect from publishers will change.

#4: Deeper, more sophisticated content wins

Ten years ago, financial newsletters could attract new readers by explaining basic market concepts or offering conventional stock analysis in short form.

Today, the bar is much higher.

Almost everything is freely available online. Even beginners are better informed – or at least have instant access to information. Gen X investors are more active than boomers, and Millennials will be more active still. Next-generation investors want depth. They want to understand *how* things work. They are willing to engage with complexity and actively demand it.

Social media guru Gary Vee recently advised that long-form content will be one of the most important trends in 2026. If readers want you to walk them through underlying mechanics, a tweet or short article won't suffice.

As a result, the quality threshold for newsletters has risen sharply. Authors who believe they can succeed by churning out superficial stock pitches ("P/E 5, 30% growth p.a.") are likely in for a rude awakening. Even if AI doesn't replace them (more on that later), they are leaving substantial revenue on the table.

#5: Writing is not the same as running a digital publishing business

Figuring out the right mix of products and marketing is far from easy. Building a business requires time, experimentation, and active interest. Those passionate only about writing, but not about business-building, are unlikely to get far.

Low barriers to entry – thanks to Substack and Beehive – have increased competition. Standing out requires clarity about what you offer. The very existence of the term "content creator economy" speaks volumes.

Realistically, most people launching Substacks as part of the latest trend won't make the leap to running a real publishing business. Eventually, something will end the current boom. Many will leave once they realise they can't make a living from it.

Some, however, will figure it out – creating niches and seven-figure (or more) income streams.

#6: Non-obvious paths to success

Katusa Research, run by Marin Svorinic, built a successful newsletter business that also arranges private investment deals. With just 4,000 subscribers, it raised over USD 1bn by 2022 (and reportedly another USD 1bn since). Subscribers are family offices and high-net-worth investors who attend events and invest together. Because of the unique value of physical human interaction, and the enormous value that a successful, focused introducer can create for those who are introduced to each other, Katusa Research's service has become something that is now difficult to displace.

Building this operation involved enormous effort, but enabled a single placement of up to USD 110m. In this 50-minute video from the 2022 Financial Marketing Summit, Svorinic explains why he laughs at conventional "subscriber lifetime value" metrics – his value per subscriber is much higher.

Source: Vimeo video from the 2022 Financial Marketing Summit.

#7: Real-life events matter more

The Katusa Research case highlights a broader trend: relationships are king. Real-life interaction is becoming essential for retention and engagement. Readers want to meet the author and say "This is my guy."

Building relationships beyond content delivery is no longer optional. Authors now have to engage in a way that makes readers confident they truly know the "real you".

Publishers pursuing this model usually don't have huge subscription numbers – yet. Having a relationship with your subscribers across multiple channels will become big, and very valuable.

Subscribers increasingly want community. They want to hear from peers and be part of something bigger. Given the competitive nature of investors, these interactions are invaluable.

#8: Niche and real relationships will always beat AI

The rise of in-person interaction also puts AI into perspective.

While AI can analyse stocks, it cannot replace human relationships and the trust, joy and added-value they bring.

What AI also cannot deliver is information that well-connected writers source from their network – what I call "market-moving intel". London-based financial journalist Yulianna Vilkos describes this as "niche proprietary-style reporting that sits in a category AI can't touch". Her article "Why Niche Financial Journalism Is More Resilient Than You Think (in the Age of AI)" and her regular LinkedIn posts are worth reading if you are interested in how to procure "insider information" for your subscribers.

As one senior FinPub executive put it: "It takes a lot of work to train the AI. What if everyone on your staff is spending their time on that? Also, what are the demographics who trust AI? Our demographic is sceptical. They still really want that human touch."

Publishers will thrive if they offer insights and experiences that their audience can't get from a generalised AI model. This is not going to change.

#9: Your technology stack matters

Despite this, technology remains critical. Successful newsletters are increasingly multi-channel, requiring a more sophisticated mix of products and services. Substack is only a starting point.

Source: "The State of FinPub 2026", John Newtson.

Running such an operation as a solo founder is becoming difficult. Platforms offering integrated services will continue to grow. Or as John Newtson put it… (see following slide)

Source: "The State of FinPub 2026", John Newtson.

#10: Size matters (but can be a hindrance)

Large publishers are booming again – but often by chasing mainstream topics. While this works financially – for the likes of Motley Fool, Agora Inc. or MarketWise (ISIN US57064P2065, Nasdaq:MKTW) – it also creates gaps for niche operators to exploit.

Even Agora's Chief Marketing Officer, Brian York, once admitted in a video interview titled "Niche ideas drive FinPub" that following the boom kicked off by the pandemic, most newsletter publishers "chased the volume with mainstream ideas, that was a mistake. We need to refocus on fringe ideas and go deeply into these ideas. Customers pay us to be trusted advisors with ideas they won't get from their broker."

In fact, some argue that it's precisely the companies that grew too big (and too quickly) that end up leaving both subscribers AND owners unhappy. Matt Paulson, the exceedingly successful owner of MarketBeat (a website offering stock market news and research tools) once summarised this dynamic in a video interview with The Brand Builders Podcast:

"The companies that get really big really quickly, they almost always blow up and go out of business. It has happened at least three or four times where companies got to USD 200m of revenue, but they made so many promises that they can't possibly deliver on what they sell. … It's a very fraught kind of category. You can get really big really quickly if something hits. But then you have to deliver on that. The companies that get really big take some short cuts along the way and then it just blows up."

Matt has grown his own firm to USD 50m of revenue with a nearly 50% operating margin. As he freely admits, as the sole owner he makes more money than an NFL player. He supervises a team of just 20 staff, rarely works beyond 5pm or on weekends, and takes his family to sporting events using his private jet. He isn't just one of the most down-to-earth and likeable characters I have met in this industry, but also one of the people anyone intent on building a business in this space should listen to.

At just 40 years old, and with a business that grows organically almost every year, Matt may well become a leading example that not every company that grows large is destined to blow up. One of his best pieces of advice is to stick around and keep doing your thing, rather than jumping from one idea to another in the hope of catching the latest "hot" trend. With his common-sense approach to management, his base in Sioux City, South Dakota, and decades of runway to keep compounding his business, Matt might just become the "Warren Buffett of the investment portal world".

Looking ahead, the industry is likely to see other large(r) players emerge beyond the current handful of well-known names. At the same time, there'll almost certainly be a shake-out among the one-person authors currently flocking to platforms such as Substack. Some will manage to make the transition to building teams and acquiring customers at scale in an economically efficient way.

However, doing so requires being something of a financial publishing nerd. People with one-dimensional skill sets are unlikely to make it to the next level. Anyone with ambitions to build a real business in this space needs to understand how it actually works – and that understanding has multiple layers. How did the industry work historically? Why do certain models work now? How do marketing cycles really behave? Understanding these mechanics is the unsung hero of the financial newsletter industry. Everyone talks about content or marketing, but very few talk about the underlying business dynamics.

If you have read this far, you are already well ahead of the average in that regard!

You might just be the author or publisher who wants to go where the puck is going to be before it gets there.

If you want to learn more about the opportunities that present themselves in this industry, I have a few final tips for you.

How to learn more

If you want to learn how to grow your existing financial newsletter business, there is always the very obvious route of asking your readers and listening to them.

Beyond that, my other recommendations include the following.

The Financial Marketing Summit, hosted by John Newtson, is the obvious one. A significant part of this article was based on that event, specifically John's keynote speech. I had a blast attending and benefited from the inevitable side events that happen around such conferences, including a private dinner organised by the successful financial newsletter entrepreneur Morgan Busby of Financial Media Corp (a big shout-out to Morgan for having me there!). The next summit will take place in early 2027. In the meantime, John's library of interviews – where he picks the brains of senior industry experts – is a veritable (and free) resource. One particular gem is the recording of last year's "The State of FinPub 2025" presentation, which digs deeper into demographics, disaggregation, and micro-niche products.

On 26-27 February 2026, there'll also be the highly relevant New Media Summit in Austin. It's hosted by Matt McGarry, whose firm GrowLetter has become one of THE go-to agencies for serious newsletter operators looking to grow. I'll be attending, and Matt Paulson of MarketBeat will be among the speakers. You can join the even at an extra 20% off by using discount code "SWEN20" (and I'm also hosting a dinner in Austin on 24 February 2026). Matt also runs a valuable YouTube channel and his weekly newsletter is one that I regularly put other things aside for.

Next week, the Weekly Dispatches will feature another valuable piece of content that fits squarely into this broader context: an exclusive interview with Edwin Dorsey, a 27-year-old financial information entrepreneur who has built a business generating seven-digit annual revenue with negligible overhead. Edwin's flagship product, The Bear Cave, is a high-calibre investment intel service; personally, I consider Edwin to be the #1 outlier talent in this industry within his age group. The interview will cover not just the value his five products create for investors, but also about the underlying business mechanics.

Beyond conferences and interviews, you can also simply speak to your colleagues in the industry. Working together with peers – or even competitors – you already know is another underrated tool available to anyone who treats financial newsletters not merely as a personal passion, but as a serious venture they want to grow to a meaningful size.

Undervalued-Shares.com certainly has that ambition!

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