The Motley Fool's CAPS investing service is another great way for investors to work together to beat the market. Among other features, CAPS lets users blog about their picks, investing strategy, market view, favorite rugby team, or whatever floats their boat.

As CAPS blogging catches on, players add more great content on a daily basis. I've dug through the past week's posts to find some of CAPS' best insights. With room for only seven posts here, I can't possibly cover all of the great stuff in the CAPS blogosphere, so when you're done here, I highly recommend checking out some more.

How I pick stocks for CAPS
For those new to CAPS, or current players looking to juice their score, this blog post from DemonDoug is a must-read. DemonDoug is one of CAPS' top-ranked players and in this post he shares his process for finding his CAPS ideas. He has found success on both the long and short side of the market and tells readers how he found long ideas like SanDisk (Nasdaq: SNDK), as well as short ideas like Goldman Sachs (NYSE: GS) and Bear Stearns.

February 2008 pick: Covance
If you're not yet familiar with EldrehadsPicks, allow me to make an introduction. Back in August of last year, CAPS' then top player, TMFEldrehad, decided to start a free stock newsletter on CAPS. Since then, EldrehadsPicks has racked up a very respectable track record, with five out of six selections beating the market.

The most recent pick from EldrehadsPicks is biopharma services company Covance (NYSE: CVD). In short, Eldrehad thinks that Covance has a lot of opportunity ahead of it:

Whether it be from the continued trend of increased drug research and development expenditures overall, or the pharmaceutical companies continuing to outsource a larger portion of their development work, or simply by stealing existing market share from direct competitors, Covance has plenty of room to run.

Click through to read his full write-up.

Buffett reports
The annual letter that Warren Buffett writes to Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) shareholders is always a big event, and this year it certainly didn't disappoint. CAPS All-Star and prolific blogger dwot weighed in on what she thought was notable about this year's letter.

WCI -- put a fork in it
Will WCI Communities (NYSE: WCI) be the next builder to wave the white flag? CAPS homebuilder guru floridabuilder thinks so. In his most recent blog post, he explains why WCI's current strategy and trajectory could be pointing it toward bankruptcy.

The Dow and gold
For those that have been amazed at the run that gold has been on while the stock market has struggled, a visit to Sinchiruna's blog may shed some light. He presents a chart showing the 200-year relationship between gold and the stock market and suggests that we're still not at particularly low point from a historical perspective.

Is gold going down? Heck no!
Stocks like Goldcorp (NYSE: GG) have been driven up fast and furiously over the past year, as gold has been propelled by U.S. economic concerns, particularly inflation risks. CAPS blogger ATWDLimited takes an extensive look at the history of gold prices in his blog and presents a case -- complete with fancy graphs -- for the continuation of gold's current trend.

Gold? Gold! Gold!!!
And if you didn't catch on yet that gold is a hot topic right now, check out this blog from camistocks. He takes yet another graphical look at the current price and history of gold and ponders whether there really is significantly more room for gold to run before topping out.

And that's our roundup for this week. Be sure to check back next week for more great blogging action. In the meantime, why not head over to CAPS and add your two cents to the community pool?

More CAPS Foolishness:

Berkshire Hathaway is an Inside Value and Stock Advisor pick. The Motley Fool also owns shares of Berkshire Hathaway. You can try out any of the Fool's newsletters free for 30 days.

Fool contributor Matt Koppenheffer shares some thoughts of his own on his CAPS blog. He does not own shares of any of the companies mentioned. The Fool's disclosure policy gives all glory to the Hypno Toad.