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What are some quality web sites or online forums exclusively devoted to stock picking and security analysis? Paid sites are OK, too.

I am looking for a forum, rather than just a web site with analyst reports.

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This is a great forum, mostly focused around mutual funds though: http://www.bogleheads.org/

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I heard about Say.com recently, which is a forum of questions and discussion from stockholders — to other stockholders and to the company.

Example: The Tesla shareholders' talk.

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Here are a few free sites (unless you choose to subscribe to premium content, where offered):

Seeking Alpha has many contributors who share their opinion and analysis of stocks and other securities. There's a lot of useful information and some really sharp minds contributing and commenting. But in the final analysis, you have to do your own due diligence.

Disclaimer: You should take many of the opinions expressed on SA with a grain of salt. Anyone can write and submit an article for publication and receive payment for it. Some of the authors have no clue. The primary agenda at Seeking Alpha is to drive readers toward $ubscription$. In and of itself, a profit motive isn't a bad thing but SA will defend their authors, even when they proffer incorrect information, to the point of censuring readers who persist in correcting author errors. I’ve seen many informed commenters leave the site in frustration. Not long ago, one prolific author was caught touting his own articles under an alias.

Elite Trader and Silicon Investor have some BBs devoted to various investment topics but both have experienced greatly diminished participation in recent years. Elite Trader has a very good option BB where some former floor traders and market makers stop by occasionally. Silicon Investor has an excellent fixed income BB, primarily devoted to preferred stocks.

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