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Korelin Economics Report

The Complete Investor Subscription- Explained

Al Korelin – Host of Korelin Economics Report

I’ve got Stephen Leeb on the line- Stephen is involved in an organization called Leeb Capital Management, located in New York City. Stephen- I’ve got a question for you. Tell me more about Leeb Capital. How did you get involved in it?

Dr. Stephen Leeb, Ph.D.

It was just something that I was compelled to do. Basically, I have to keep them very separate but I have always been a newsletter writer and a researcher. I’ve been dedicated to getting my ideas out there and around because I thought they could possibly help people. It was just a natural transition from writing financial letters to managing money. I made the transition and I’ve been managing money, basically for the last 30 years. 

Al Korelin – Host of Korelin Economics Report

Okay, well it sounds like you’re about as crazy as I am. The only reason I’m doing radio was that I really enjoy doing it and I really enjoyed discussing financial issues. Tell me a little bit about your newsletters, Stephen. 

Dr. Stephen Leeb, Ph.D.

Currently, I’m the editor of two financial publications. One is called The Complete Investor, which as its title suggests- tries to present various portfolios for various types of individuals. It’s cheap portfolio is the Big Cap Growth. Then we also have an Income Portfolio, a few Mutual Fund Portfolios and an aggressive portfolio for Smaller Cap stocks that are fairly aggressive. In our main portfolio is Big Cap Growth.

Al Korelin – Host of Korelin Economics Report

So, basically your other portfolio which deals primarily with return more than anything else. I would have to believe, Stephen, that your main audience is probably people like myself. Tell me a little bit about the Investment Portfolio that deals with returns, specifically, returns in terms of interest.

Dr. Stephen Leeb, Ph.D.

In terms of income, basically there we search out stocks that have underlying value. It doesn’t do you any good to just buy high income stocks if that income is not going to grow. So we’re more interested in a combination of Growth and Income and total return, as you said, Al. We will try and cover the gamut and try to diversify within that portfolio. Basically, we will have MLPs, as well as technology stocks. If indeed the technology stocks pay you a decent dividend. It’s a diversified portfolio but I would say- has an average yield of about 3.5% to 4% (somewhere around there). I think those yields are going to have to go up over time and that’s why you want really good companies that will be able to raise their dividends over time. One of our top companies in that portfolio is no longer yielding- it’s at about 2% and it’s a Taiwan semiconductor company. The reason the stock is only yielding about 2% – it’s because the stock is going crazy on the outside. We’ve had to cut back because 2% is not a big enough yield but the growth there- I think will remain for the foreseeable future. They’re the only game in town when it comes to semiconductor manufacturing so we will look for a combination of growth and income. You won’t find a stock in our Income Growth Portfolio with less than a 2% yield. We’re trying to basically produce a very strong total return for investors, with dividends being a significant portion of that total return. 

Al Korelin – Host of Korelin Economics Report

Stephen, let me ask you a question. Our economy in the United States right now, you could describe it either way, there’s really nothing in terms of guaranteed growth right now. And I think that’s a result of our society more than anything else- the level of anxiety and the level of depression in our society right now has increased dramatically, which make huge differences in people’s investment decisions. Stephen, I would assume that in your line of work, it’s a real challenge to calm investors’ fear and anxiety during these unprecedented times.

Dr. Stephen Leeb, Ph.D.

It’s very tough and everything you say, Al, I couldn’t agree more. I have seen this country (I hate to use the word deteriorate) but no other word comes to mind. It used to be a country where everybody participated. When I was much younger, everybody benefited from what everyone else did. Today, the biggest industry in our country is probably finance in some way or another. The financial industry is not an industry that benefits from what they do for their customers- they benefit from what they do for themselves. How many Financial Advisers tell you to have about 10% of your money in gold or commodities when, in fact, gold has been the best performing asset over the past 20 years. And they don’t do it. The financial industry was responsible for basically breaking up AT&T and destroying Bell Labs. There is no other word for it- they destroyed the best research resource that we had in this country because they got a big payday for breaking up a company. I’m not saying they are bad people but what happened, Al, is that we became spoiled by having too much money and that money unfortunately has basically just filtered up to the particular sector of the economy. And the other sectors of the economy by and large have been left wanting and that’s no good and you’re seeing that it’s accelerating. 

Al Korelin – Host of Korelin Economics Report

Let me tell you what I think is part of the problem. I’d like you to think about this Stephen, I think part of the problem in the investment community right now- whether you’re talking paper whether you’re talking within the paper sector stocks and bonds. I think part of the problem has been number one, of course, the problems that we had in 2008, ect. But I firmly believe and this was my exact mantra when I switched the subject of the radio program over to investing from simply interviewing Executives of publicly traded companies. An awful lot of easy money came into being- easy money to investors because of the real estate market it was absolutely crazy in my opinion. Some of the rates of appreciation we saw then and I would maintain the same thing is going on right now and I would maintain that is hurting the investment community in the paper market.

Segment 1 – Dr. Stephen Leeb describes his firm his newsletters and his investment philosophy.

Stay tuned for Segment II of this exclusive interview with Dr. Stephen Leeb & Al Korenin of the Korelin Economics Report!

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