News & Views

News & Views

David (Dave) Iben CFA

David Iben is the Chief Investment Officer of Kopernik Global Investors and is the sole Portfolio Manager of the Kopernik Global All-Cap strategy, Lead Portfolio Manager of the Kopernik Global Unconstrained strategy, Co-Portfolio Manager of the Kopernik Global Long-Term Opportunities strategy and Co-Portfolio Manager of the Kopernik International strategies. He is the Managing Member, Founder and Chairman of the Board of Governors of Kopernik Global Investors.

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Making Plans for Nigel

Our most recent commentary explores why the "Big Brother" interpretation of the British post-punk band XTC's song "Making Plans for Nigel" reminds us of the inevitable increase in angst that is being felt, in no small part due to a decade of QE monetary policy. One can only imagine what will eventually be felt as a consequence of QE-infinity. We discuss how our current era of palpable angst is similar to that of the late 1970s, which was the cyclical end of a period of high inflation, of big government, and the bull market in commodities while also the beginning of a super cycle in stocks and bonds. While the current era is likely another major inflection point in the markets and the end of all those cycles, the silver lining is that the valuation divide between expensive and attractively-priced stocks has probably never been this wide, making it a great time to be a bottom-up, value-conscious investor.

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The Call of the Wild

In our latest commentary, we look back to the great Jack London novel The Call of The Wild as a parallel to the herd mentality dominating the current investment environment. Following a dozen years of post-Global Financial Crisis policy designed to transfer wealth from financial assets to real assets, investors who are operating in panic mode are buying and selling the wrong assets. This has created incredibly cheap buying opportunities and, with that, a favorable environment for value investors.

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Once Upon a Time on Wall Street

In our most recent commentary, we pay homage to the 1960’s by contrasting our current environment to that of a mere half-century ago; it was a period when Wall Street saw only good things while Main Street saw turmoil and change. We view 2019 as arguably a supercharged version of the late 1960’s, which can serve as a guide and an excellent source of instruction on how to successfully navigate the current investment environment.

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The Renaissance and the Entropic Arrow of Time

The most recent commentary contrast the renaissance period to the contemporary era. A half-millennium ago, mankind's search for truth began to breakdown the stifling barriers to thought and liberty. In the contemporary world where truth and liberty have conceptually become easy, they are being sacrificed. While this is a gross generalization, excellent opportunities have been opened up for those willing to use common sense, dig for the truth, and act upon their conviction. At Kopernik, we continue conducting in-depth due diligence, thoughtfully appraising value, maintaining patience and self-control, and staying disciplined in our process.

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Is This An Inflection Point For Passive Management?

In this June 2020 white paper, analyst Taylor McKenna explores the similarities and differences between active and passive management strategies. He argues that passive management strategies, such as ETFs and closet indexers, cannot replicate a more active approach. Using the metaphor of a thoughtful baseball manager, Taylor suggests that active management adds value to an investment strategy.

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Kopernik Perspective: Gold (July 2020 Update)

In this update of our 2015 white paper, analyst and Director of Research Alissa Corcoran, CFA discusses Kopernik’s view on gold, its unique history, and the global opportunities Kopernik is finding in the industry.

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The Subtle Art...

Mark McKinney, CFA, Kopernik Analyst and Portfolio Manager discusses the opportunities that volatility can offer and why Kopernik focuses on long-term performance. Mark uses the popular 2016 self-help book by Mark Manson to offer interesting insights and applicability in the investment world.

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These Go To Eleven

Mark McKinney, CFA, Kopernik Analyst and Portfolio Manager discusses the current macro investing environment in Japan, the EU and the US, by drawing parallels to the classic movie quote "These go to eleven" and how that helps Kopernik and the opportunity set we could provide over time

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Kopernik Perspective: Uranium

Stephen Rosenthal, CFA, Kopernik Analyst, discusses Kopernik's view on Uranium.

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Willful Blindness

Mark McKinney, CFA, Kopernik Analyst and Portfolio Manager discusses the biggest threats and dangers that investors don't see, not because they're secret or invisible, but because we are willfully blind. Topics include: the U.S. Stock Market, Non-GAAP Earnings, The Buyback Boom, Growth vs Value, Volatility, Emerging Markets, and Russia

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The Super Terrific Happy Hour Podcast - With Stephanie Pomboy and Grant Williams featuring David Iben - July 8, 2020

Kopernik CIO, David Iben, joins Stephanie Pomboy & Grant Williams to discuss the art of value investing, the challenges it faces in today's market environment and why it's a bad idea to write any obituaries for the strategy just yet. Tune in to this podcast to listen as Dave discusses the cycles he's witnessed over his career as he gets ready to enter his fifth decade in the business, the lessons he's learned and offers some thoughts on where value can be found off the beaten path as equity markets scream towards all-time highs.

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Financial Advisor - Emerging Markets Roar Back, Too - June 5, 2020

Kopernik CIO, David Iben, recently discussed with Financial Advisor where Kopernik is finding attractive opportunities within the emerging markets.

Read the full story here.

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Value Invest Interview (Part 1) - June 2, 2020

Kopernik CIO, David Iben, was recently interviewed by Robert Hunter from Value Invest.

Listen to the interview (Part 1) here.

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Value Invest Interview (Part 2) - June 2, 2020

Kopernik CIO, David Iben, was recently interviewed by Robert Hunter from Value Invest.

Listen to the interview (Part 2) here.

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Bloomberg Radio - May 10, 2020

Our CIO, Dave Iben, went on Bloomberg Radio to discuss where he's currently finding attractive buying opportunities around the globe, and why some of the safest investments, such as gold mining stocks, might also have the most upside.

Listen to his full interview here.

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MarketWatch - April 29, 2020

Kopernik CIO, David Iben, was featured in MarketWatch today discussing how value stocks are offering "opportunities of a generation" and why he thinks investors who believe value is gone for good will be proven wrong.

Read the full story here.

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