Motley Fool Disclosure Policy
A Letter to the Fool Community From David and Tom Gardner

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On August 4, 1994, when we launched The Motley Fool online, we decided to do something rather unusual: create a real-money portfolio that would be managed in a fishbowl. We called it The Fool Portfolio. And -- right there on America Online -- we invited anyone and everyone in America to watch our every investment move. Heck, we even told people in advance what our moves would be!

The Fool Portfolio was a demonstration of our commitment to disclosure and our belief in financial accountability. In the often shadowy world of money management, we wanted it to stand for transparency, and we knew it was the right thing to do.

Today, as a company of "investors writing for investors," we're taking the next natural step. We are requiring all employees of The Motley Fool (U.S.) to disclose publicly what stocks they hold, now and forevermore. Every individual equity holding of every employee is on display every day on each Fool employee's personal profile page. It's a policy that's consistent with our core values, and it sets a new standard for full disclosure between us and you, our valued readers, customers, and community members. Also, whenever a writer owns a security that he or she mentions in our editorial products, we'll mention the ownership of that holding in the article or report (or right underneath). And finally, to offer full transparency regarding the business of The Motley Fool, Inc., we are disclosing the names of our key investors and strategic business partners.

It's really the same idea we had when we started the company. But back then, it was just the two of us. On August 4, 1994, we were speaking to just 60 curious people (yep, that's how many "hits" we got on our first day in business). Today, The Motley Fool's hundreds of employees -- from computer programmer to biotechnology analyst to receptionist to CEO -- speak to more than two million online customers, and over 20 million more than that via our books, national radio show, and syndicated newspaper column. And all of our staff have come together to embrace this new policy. In so doing, we believe we're staying true to the Fool's first (and perhaps most important) core value: "We bring an uncompromising honesty to all our endeavors, great and small."

We would like to thank many of you in the Fool community who, over the years, have suggested, requested and, in some cases, outright demanded that we initiate a broader disclosure policy. We hope today's announcement not only meets, but also exceeds your expectations. Of course, it's the practice -- not the announcement, not the policy -- that really counts. To read more about what we're doing, just click here. And welcome to the Fool's new and improved fishbowl.

David and Tom