Investment Newsletters- Are they Worth It?

I keep reading Motley Fool's promotional material about how their Hidden Gems newsletter has returned ridiculous profits, and it appears very tempting. I would love to read some reasons why I should NOT buy a newsletter though.

Here's what I have been able to come up with:

1. Risks- This is not free money, with the possibility of great returns comes the possibility of great risk. Any investments in their small cap value stocks could easily tank by more than 50%.
2. Cost- At $175+ you are basically paying a tremedous cost on any type of small investments. However, given the risks involved, you would be ill-advised to put too many of your assets into their reccomendations.
3. First Mover Advantage- In order to maximize your returns, you probably need to invest as soon as the recommendation comes out to get in on the reccomendation bump, this might cause you to do less research and cause you to make more mistakes.
4. Newsletter Bait and Switch- I suspect that the Motley Fool, like other newsletter companies, has newsletters that tank. They then discontinue the tanking newsletters and make it look like they are brilliant geniuses for having so many newsletters that outperform the market.
5. It could be a short-term fluctuation-It could be the types of stocks they are reccomending are on a temporary high and are headed for a crash.

Thats what I have been able to come up with, I would love to hear people's thoughts on this.