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Quotation from Lowe v. SEC by Supreme Court of the United States
“The mere fact that a publication contains advice and comment about specific securities does not give it the personalized character that identifies a professional investment adviser.”
Lowe v. SEC, Opinion of the Court (Justice Stevens), Part III (U.S. Reports text (Legal Information Institute))
Justice Stevens rejects the view that specific stock recommendations make a newsletter an advisory service.
Citation: "The mere fact that a publication contains advice and comment about specific securities does not give it the personalized character that identifies a professional investment adviser." — Supreme Court of the United States, Lowe v. SEC, Opinion of the Court (Justice Stevens), Part III (U.S. Reports text (Legal Information Institute)). (id lowe-v-sec-q2)
Portrait: John Paul Stevens, SCOTUS photo portrait, Steve Petteway, photographer for the US Supreme Court, Public domain.
