Smart Money Is Extremely Worried About What Lies Ahead
July 5, 2012
With continued volatility in key markets, including currencies, today King World News interviewed acclaimed money manager Stephen Leeb, Chairman & Chief Investment Officer of Leeb Capital Management, to get his take on what is happening. Leeb spoke with KWN about the level of fear and concern that is being expressed from older market veterans that are extremely well connected. Here is what Leeb had to say about what is taking place: “Byron Wien is really one of the deans of Wall Street analysts. He’s been at this for over 40 years, and he has a superb record. One of the features of his work each year is that he interviews a man each year, who he refers to as, ‘The smartest man in Europe.’”
Stephen Leeb continues:
“This man (Byron speaks with) is now in his eighties, and he has an amazing track record. This man has made a fortune. I paid very close attention to what this man’s comments were. He believes the debt levels of governments, in the developed world, we’re talking Europe and the US, means either depression or extreme stimulation, culminating in a lot of inflation.
I’m summarizing, but basically that’s his bottom line. As evidence that this is his bottom line, he goes on to say that he really doesn’t own any stocks. But what he does own here are real things because real things are obviously what benefit when you have a lot of monetary stimulation….