Historically, low luminosity stars have attracted very little attention, in part because they are difficult to see except with large telescopes, however, by neglecting to study them we are leaving out the vast majority of stars in the Universe. Low mass stars evolve very slowly, it takes them trillions of years to burn their hydrogen, after which, they just turn into a He white dwarf, without ever going through the red giant phase. This lack of observable evolution partly explains the lack of interest in them. The search for the “missing mass” in the galactic plane turned things around and during the 60s and 70s the search for large M/L objects placed M-dwarfs and cool WDs among objects of astrophysical interest. New fields of astronomical research, like BDs and exoplanets appeared as spin-offs from efforts to find the “missing mass”. The search for halo white dwarfs, believed to be responsible for the observed microlensing events, is pursued by several groups. The progress in these last few years has been tremendous, here I present highlights some of the great successes in the field and point to some of the still unsolved issues.

The observational properties of brown dwarfs pose challenges to the theory of star formation. Because their masses are much smaller than the typical Jeans mass of interstellar clouds, brown dwarfs are most likely formed through secondary fragmentation processes, rather than through the direct collapse of a molecular cloud core. In order to prevent substantial post-formation mass accretion, young brown dwarfs must leave the high-density formation regions in which they form. We propose here that brown dwarfs are formed in the optically thin outer regions of circumbinary disks. Through post-formation dynamical interaction with their host binary stars, young brown dwarfs are either scattered to large distance or removed, with modest speed, from their cradles.