"Right now, we have a rare opportunity to get paid a monthly double-digit dividend and buy the skills of a legendary investment manager for only 85 cents on the dollar," says Dr. Steve Sjuggerud.

In Daily Wealth, the advisor takes a look at contrarian money manager David Dreman  and his closed-end fund, Dreman Value Income Edge Fund (NYSE: DHG).

"David Dreman made one of the greatest calls in stock market history. In 1980, he told investors to buy stocks. He didn't just tell a few clients or friends to buy stocks.

"He literally wrote the book on buying stocks in 1980 -- Contrarian Investment Strategies in which he argued, 'The stock market appears cheap by nearly every historical standard.'

"At the time, saying 'buy stocks' was bold stuff. Stocks hadn't made money in 17 years. But Dreman was absolutely right. After 17 years of losses, the stock market started the longest bull run in recorded history, which stretched from 1982 until 2000.

"Fast forward to 2008. Dreman is guarded, but optimistic again. In the May issue of Forbes he says: 'Frightening as the markets look today, there will come a time when the liquidity crisis ends and today's prices for bank stocks look, in retrospect, like bargains.'

"Today we have a unique opportunity to invest with David Dreman. Tthe Dreman Value Income Edge Fund pays 11.67 cents a month in dividends ($1.40 per year). Always has. As of the end of April, the fund's price was $13.69, so the dividend yield on the fund is over 10%.

"Interestingly, the actual value of the stocks and bonds the fund holds is $16.07 per share (as of the end of April). So by buying in at $13.69, we're able to buy in at a 15% discount.

"Dreman's Value Income Edge Fund is a bit of a strange beast. The goal of the fund is maximum returns with minimum variability. David splits his stock positions: half long, half short. And sometimes he borrows a little bit of money to leverage his gains.

"So he has three strategies going on at once... an income strategy (bonds), a 'long' strategy, and a 'short' strategy. The goal, of course, is to minimize risk.

"The income strategy portion helps pay the big dividend. The stock strategy – where David buys extremely undervalued stocks – will provide significant gains when the market gets going again. And the short strategy should continually add a few percentage points per year to our returns.

"So here's how we get to 60% in two years.. First, let's say David can grow the fund's underlying value by 10% per year. So $16.07 growing at 10% per year is roughly $19.44 two years later.

"Second, let's assume that the foolish investors who sold in a panic regain their composure, and the fund moves from trading at a huge discount to trading at its fair value – $19.44 in two years' time. Third, let's assume the dividend grows at 5% per year. Over two years, we'd earn a total of $3 in dividends.

"So if we could buy today at $13.69, and realize $22.44 (that's $19.44 plus $3 of dividends), we'd make more than 60% – safely – in two years. Dreman can do better than that. With nearly four decades of experience, he knows what he's doing.

"So you ought to consider the Dreman Value Income Edge Fund today, with the conservative goal of earning a safe return of 60% over the next two years."