Investment newsletters have been around for decades, but do they actually deliver hot stock picks? According to Mark Hulbert, who tracks newsletter performance in The Hulbert Financial Digest, more than 80% of them fail to beat the index over the long term—but some do consistently outperform. Hulbert’s data to the right shows which North American newsletters have netted the best returns in the last 10 years. His top pick: the Linde Equity Report, which features one stock recommendation per month and has a 14.2% annualized return over that time frame. Sometimes, less really is more.