NAOI Overview

Welcome to the site of the National Association of Online Investors (NAOI), a leading investor education, investment research and financial consulting organization. On this site you will learn about the unique offerings of the NAOI that empower individuals to invest with confidence and financial organizations to gain massive competitive advantages in the crowded field of financial services. Plus, you will learn on this site how the NAOI is changing the way investing works at a fundamental level in order to meet the challenges of 21st century markets.


Allow me to introduce myself as Leland Hevner, President of the NAOI, an organization that I founded in 1997 with the mission of empowering individuals to become confident and successful investors via education, innovation and the use of online resources. Thousands of individuals have taken our online courses, read our published books and/or attended our college classes.

Over the course of two decades we evolved from providing primarily investor education to the public to providing the entire financial industry with total solutions that can include customized education products, market research as well as new investing products and methods as summarized below.


Investor Education

In addition to writing numerous investor education books and teaching personal investing at the college level, the NAOI is the creator and manager of the market’s only Individual Investor Certification Program. You can read about it and other NAOI education offerings at this link.

Market Research


Since 1997 the NAOI has been teaching individuals how to invest. And in return the investing public has been teaching us what they want and need to enter equity markets with confidence and without fear. The input we have collected from speaking with hundreds of average people with money to invest has enables us to informed our books, education courses and the consulting reports that we have delivered to dozens of financial organizations who have asked us how to better meet the needs of their prospect base. The NAOI considers our direct connection with hundreds of former students and the information they provide to us to be among of our greatest assets.

Investment Research


Beginning in 1997 the NAOI has taught portfolio design methods based on industry standard Modern Portfolio Theory (MPT). However, in 2010 after watching the MPT portfolios we had taught our students to create lose a significant portion of their value we realized that more than education was needed to empower investors. Also needed was innovation. At that point we stopped our education programs and opened the NAOI Investment Research Division with the goal of finding an alternative to MPT. Following a multi-year effort we found it in the form of Dynamic Investment Theory (DIT) and a revolutionary investment type this approach creates called Dynamic Investments.

Dynamic Investments are capable of changing the equities they hold based on a periodic sampling of market trends. By doing so are capable of consistently producing significantly higher returns than MPT portfolios and with lower risk. MPT says that higher returns only come with higher risk. The NAOI respectfully disagrees.

The Table below shows a comparison of the performance of an MPT portfolio and a Dynamic Investment, both holding only Stock and Bond Exchange Traded Funds (ETFs). The test period is from the start of 2003 to the end of 2018 – a period that included both stock market crashes and unprecedented stock gains.

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At the NAOI we “think differently”. And when we do, all manner of positive outcomes that are seen today as impossible suddenly become real.



The NAOI consults with financial organizations to provide the competitive advantages needed to thrive in a very crowded field. Our unique knowledge-set enables us to show them what they need to supply to the investing public to attract their business. This could be an education component that we are uniquely able to create. Or it could be a new type of investment like the Dynamic Investments discussed just above. And we can show financial advisors how to provide people with the investing solutions that they are looking for.

In short, we teach financial organizations how to sell what we teach individual investors to buy.

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