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Here's what I posted on Improve the Fool earlier today (language corrected)
My take.

It's an experiment in the format of a learning tool disguised as a game.

See CAPS is like an has layers. (Shrek reference)

Personally, I love CAPS and have been quite active on the beta discussion board. To me, it's an excellent way to explore an investing philosophy. With no 'risk capital' one can pick individual stocks and compare over time how they do in comparison to the S&P and other players / stock pickers.

While that is good, CAPS also provides / encourages commentary and discussion. One can (should, although not enough do IMO) detail why a selection was made and comment during the course of thier 'mock' ownership whether the presumption was right or wrong; more importantly (for those inclined) why they were right or wrong. Inevitably, lessons will be learned. The collective framework allows one to see what others think / have to say about a selection, which can help refine your own arguments for or against.

The grand experiment is whether this competitive effort will result in valuable collective intelligence. Are companies that are universally liked or disliked by the community really better investments or not. The opinions of those who are mostly right get weighted more than those who aren't, so hype should be largely minimized.

It will take years to know for sure whether this 'experiment' is just a fun game (and learning tool) or a revolutionary new tool in stock evaluation.

Can't you just see Cramer on his show years from now saying something like I'm inclined to dislike XXX, but those darn Fools have it rated 5 stars in CAPS, and darned if they aren't almost always right.

Have fun, learn something, contribute to the collective experiment, that's CAPS.

Zz - currently doing poorly in CAPS, but getting a lot of added experience.
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