b'It took more than a century for the world to accept Copernicuss 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 Copernicuss 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. Koperniks research process is 100% bottom up. We do not forecast what Chinas 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 IbenKopernik Global Investors, LLC|11'