What cartridge are you using that only puts out .01 mV? There are not too many where the output is that low. Also a very important factor is how are you using the Steelhead? If you use it add as a phono stage with an outboard line stage, then you add the gain afforded by the linestage to your total gain. The steelhead can also be used as a full function Preamplifier, but when you use it that way its own internal linestage does not add gain to the signal. So if you are using the 65 DB setting for a very low output cartridge, that is all you are going to get , and the output voltage from the linestage section has to be sufficient to drive your amplifier. 65 DB of gain would be very marginal indeed for a .01 mV cartridge. It would be in a comfortable range for a 0.25 to 0.3 mV cartridge, in most cases. The gain requirement is fairly dependent on the input and output impedances of the devices you are linking together, the sensitivity of the amplifier for full output, and finally the sensitivity of the speakers themselves. So each of us might have a different impression of how much gain is needed for a particular cartridge, because of differences in the downstream equipment, Particularly if you are using an outboard linestage that may add 10 DB to as much as 20 DB additional gain to the signal coming from the steelhead.