Kopernik Global Investors, LLC  |  11
It took more than a century for the world to accept Copernicus’s radical heliocentric theory, in which 
the planets revolve around the sun. Sound science takes time, and solid investing does too. Both require 
patience and a willingness to wait to get the ideal results. Similar to Copernicus’s Quantity Theory of 
Money, we know that when something is necessary yet scarce, its value is highly likely to increase with 
time. We are willing to wait, and when others stop, we forge ahead. We work hard to uncover businesses 
and appraise their values. We develop high conviction in the positions we own. 
Patient and persistent, we are unwavering in our quest to uncover value for our clients. Our history 
proves that patience and persistence pay off. By focusing on securities with significant upside to our 
targets, we find that the potential returns provide an excellent “return on patience.”
“Kopernik’s research process is 100% bottom up. We do not forecast what China’s GDP will 
do next year, for example, nor do we forecast what the CPI will register next quarter. We do, 
however, factor in what has already happened.”   
— Dave Iben

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