b'At Kopernik, We Discover Value through Independent, Original ResearchMikolaj Kopernik, better known as Nicolaus Copernicus, was an independent thinker. He went beyond the accepted beliefs of his time. His discoveries were so significant; their impact will be felt for untold future generations of humankind.We embrace the spirit of Copernicus and his visionary approach. As investors, we seek out value where others may not venture. At Kopernik, we believe: Market inefficiencies create significant opportunities to identify quality businesses that are mispriced Deep, independent research of a companys business, competitive positioning and management,along with industry supply/demand, uncover important opportunities Real risk, frequently mis-defined as volatility, is the prospect of permanent loss of capital. Volatilitycan be as much an opportunity as a risk to a skilled investor6|'