In the world of technology, one of the best-known maxims is Moore’s Law, a 1965 prediction by the cofounder of Intel, which states that computer chips will double in speed and power every 18 months. For many, Moore’s Law has come to symbolize that all aspects of technology–from medicine to weather prediction–will continue moving forward at the startling rates we’ve grown accustomed to.
In “Defying the Market,” investment guru Dr. Stephen Leeb presents a different interpretation. He notes that people back in the 1960s continued smoking, even when they knew it would make them sick, because they felt sure science would find a cure for cancer by the time they got it. As we all know, the cure hasn’t been found, and Dr. Leeb feels that most technological innovation has, in fact, ground to a halt. He argues that science is limited because it depends on computers to make discoveries. But we can’t make computers any smarter–only cheaper and faster.
In addition to a technological slowdown, Dr. Stephen Leeb also sees an unabating demand for worldwide economic growth. Put these two phenomena together, and you’ve got inflation, which is not entirely bad news for investors. He predicts that oil and gold stocks will rise from the modest positions they’ve held in the low-inflation ’90s and that computer stocks like Dell and Gateway will falter because, as prices rise, users won’t feel a need to buy a brand new computer every year for mere incremental improvements in speed and whiz-bangery. He also discusses why only the largest tech companies will continue to profit… and other surefire bets for any savvy investor’s portfolio.
AUTHOR > INVESTMENT ADVISER > RENOWNED ECONOMIST
Stephen Leeb is a distinguished author, investment advisor, and esteemed economist, bringing over 40 years of invaluable experience in the analysis of financial markets. His remarkable ability to uncover intricate and often overlooked trends in macroeconomics, science, and geopolitics is truly impressive, as he skillfully delineates their investment implications and invites fresh perspectives that often challenge conventional thinking. Leeb has penned nine insightful books on investing, economics, and geopolitics, including his latest publication, “China’s Rise and the New Age of Gold: How Investors Can Profit from a Changing World“ (2020, McGraw-Hill Education). Together with his colleague Kuen (Scott) Chan, he plays a pivotal role as an editor and advisor for the innovative investment publication Turbulent Times Investor. Furthermore, Dr. Leeb is the visionary founder and Research Committee Chairman of Leeb Capital Management, a prominent wealth management firm located in Manhattan, New York.
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