A study of 76 more and less virtual investment clubs examines the relationships between communication technologies used for club business (from face-to-face to more highly technologically enabled), group leadership role behaviors, and club portfolio value. The results are interesting, with more and less virtual clubs benefiting from different forms of leadership behaviors. Clubs using fewer technologies seem to benefit from a greater focus on socioemotional role (communication) behaviors, while the opposite is found in clubs using more technologies. The effect for procedural role behaviors (agenda setting and the like) appears to run in the opposite direction: clubs using more technologies seem to benefit from a greater focus on procedural role behaviors, while the opposite is found in clubs using fewer technologies. Managers take into account obvious and subtle differences between more and less virtual groups.