In Bayou Jubilee, Co-CIO Dave Iben discusses Kopernik’s disciplined approach to identifying undervalued investment opportunities in the midst of the ongoing celebratory “jubilees” in the markets. As the market parties its way to new all-time highs, and signs of exuberance proliferate, it seems like a good time to search for prudent places to invest. Fortunately, those are exactly the areas that weren’t invited to the festivities.
Published: June 23, 2026
After speaking at the Capstone Student Investment Conference at the University of Alabama, Co-CIO Dave Iben reflected on the market’s ties to music following a visit to FAME (Florence Alabama Music Enterprises) Studios in nearby Muscle Shoals. In this commentary, Dave weaves together music history, media, and market cycles, using Paul Simon’s “Kodachrome” as a metaphor for how technology and media don’t simply reflect the world—they shape and edit it. Through that lens, he explores both the contrasts and parallels between the early 1970s and today. Then, as now, periods of rapid technological change and celebrated growth stocks coexisted with rising prices and geopolitical tension.
Published: March 19, 2026
Earlier this year, we spent time in London—immersing ourselves in the city’s culture, music, and, most importantly, researching companies trading below fair value. With renewed interest in value investing, we’re asking: Is this a true shift or another head fake? Are commodities out of favor for a reason, or is the market missing something? Is AI a revolution, a risk, or just hype? And is U.S. hegemony winding down, or will its increasing aggressiveness prove successful? Dave Iben explores these questions and more in his latest commentary, “London Calling.”
Published: November 20, 2025
Dave Iben is the Founder, Co-Chief Investment Officer, Managing Member, and Chairman of the Board of Governors of Kopernik Global Investors. He is the Lead Portfolio Manager of the Kopernik Global All-Cap and Global Unconstrained strategies, and Co-Portfolio Manager of the Kopernik International and Global Long-Term Opportunities strategies.
Published: August 20, 2025
A lot of recent inquiries have been about the sustainability of the recent pivot back to “value” investing. We usurp Neil Young’s famous lyrics, “Hey hey, my my, rock n’ roll can never die,” to make the case that buying assets below their intrinsic worth is also a concept that will never die. While momentum strategies burn out by flying too close to the sun, and passive strategies rust from inactivity, active value managers can scour the globe for rust-resistant bargains. Inaction leads to rust, but patience does not. Long-term investors are poised to benefit.
Published: May 29, 2025
CIO Dave Iben’s latest commentary, Rivers of Babylon, looks to the past for answers. Dave explains why we are anticipating the return of value investing, how to look for value in the current momentum-based markets, and the importance of a value system in financial markets—both today and throughout history.
Published: January 21, 2025
In his latest commentary, Kopernik CIO Dave Iben weaves together ancient Egyptian history, the thoughts of Thomas Malthus, and Yuval Noah Harari’s book Sapiens to discuss how societies’ attitudes change over time, and how that change is reflected in their culture, history, and storytelling. Value investing has been the staple of investors for centuries, but periodically, society sets forth in search of a different story. The crowd chased new narratives in 1929, 1972, 1999, 2007, and, we would argue, 2024. When will the “Momentum God” of growth figuratively pass the torch back to “King Tut”? There are certainly many omens that the time is nigh.
Published: September 19, 2024
A collection of investment commentaries from Dave Iben celebrating a decade of independent thought.
Published: May 10, 2024
In his latest commentary, CIO Dave Iben builds upon the previously released commentary Money, using Argentina’s economic history and drawing from our recent experience in Latin America as an analogue to spark a discussion on unlocking investment opportunities amidst the rising inflationary environment. We encourage investors to engage in comparison shopping, own stores of value, and consider option-laden investments. Opportunities abound, and discerning investors can capitalize on marketplace dislocations. Discover why active management is crucial amidst rising inflation concerns and gain insights into identifying resilient investments.
Published: February 7, 2024
In his latest commentary, CIO Dave Iben delves into the essence of money: what it is, and why it matters. Exploring the seismic shift of monetary debasement, he highlights the yet-unfelt repercussions across the economy. Analyzing historical patterns of substantial government debt and deficit spending reveals sustained inflationary pressures on the horizon. While inflation may hinder some investments, astute investors seeking potential asymmetric returns are primed to excel in this landscape. As we step into 2024, Kopernik sees abundant market opportunities.
Published: December 1, 2023
In his latest commentary, Jacoby Transfers, Kopernik CIO Dave Iben draws on the wisdom of the stoic philosophers to discuss the importance of looking at things from different vantage points and how Kopernik’s research process is an example of Charlie Munger’s reminder to “Invert—always invert.”
Published: July 1, 2023
For his latest commentary, our CIO Dave Iben looks at the Fed’s implicit loosening of monetary policy as a result of the liquidity provided in the wake of the failure of Silicon Valley Bank and Signature Bank. He once again takes readers on a journey down the migratory flow of the Cantillon River in search of scarce, necessary assets that hold their value in inflationary times. Describing how the market’s approach to valuing hard assets is misguided, Dave lays out how the value of those assets increases with time and describes Kopernik’s approach to valuing these scarce, necessary resources.
Published: March 1, 2023
As the firm approaches its 10-year anniversary, CIO Dave Iben reaffirms Kopernik’s unchanging philosophy and process and describes opportunities we are finding as we enter our second decade.
Published: January 1, 2023
In his new commentary, Kopernik CIO Dave Iben discusses how, after a four-decade long period when central bankers were idolized, someone has pulled back the curtain and revealed that “the jig is up”. Stocks and bonds appear to have entered a bear market, and the economy is stagnating. What is an investor to do in this new paradigm?
Published: September 1, 2022
Although our CIO’s commentary was planned to be published last week, in light of current world events, we elected to hold it back and to address more pressing matters first. We reiterate that our thoughts and prayers are with the Ukrainian people during this troubling time. Like all of you, we continue to monitor events and hope for peace. In this letter, we have the audacity to give a non-standard view of “Buffett” stocks. Fortuitously, Mr. Buffett issued his annual letter this weekend, lending credence to our belief that he may share the view that now is more of a time for investing in real assets than in the stocks of over-earning consumer brands. In his summary, Mr. Buffett writes about how Berkshire Hathaway was a struggling ‘value’ stock in 1965, having just cumulatively lost money over a nine-year period. Its stock had more than halved. This quintessential deep value stock was the only holding that Warren kept when he unwound his investment partnership in the late 1960s. Buffett made a point to emphasize (headed ‘Surprise, surprise”) Berkshire’s “Four Giants”: a railroad (BNSF), an utility franchise (BHE), insurance businesses, and – yes – Apple. Three of the four are ‘value’ businesses, two of which are clearly endowed with significant Real Asset holdings. Interestingly, he starts his summary with the fact that Berkshire is the single largest owner/operator of infrastructure in the U.S. It is on their books for $158 BILLION. It was fun to see him end his summary with a reference to “Cousin Jimmy Buffett” who apparently will be selling “party” boats at the Berkshire annual meeting in late April. Apparently, a Berkshire subsidiary is building the boats that Jimmy designed, and Warren is buying one from him. We’ve read that they are long-time friends. Apparently 23andme recently disproved years of conjecture that the two are related. We hope you enjoy the read.
Published: February 1, 2022
In his new commentary, Kopernik CIO Dave Iben summarizes many of his thoughts on the current inflationary environment and gives examples of how this has benefited value investors. They now figuratively have the wind at their backs.
Published: September 1, 2021
In his newest commentary, Kopernik’s CIO Dave Iben draws inspiration from Robert Plant and the deserts of Morocco to discuss the Fed’s printing press, the Cantillon effect, and the value Kopernik is finding in scarce, undervalued, useful assets.
Published: July 1, 2021
With so much anxiety about the current euphoria in the market, we thought it was a good time to send out a little stocking stuffer with some of our thoughts. In a nutshell, we reach back into Greek mythology to explain why we believe that people are buying great companies but at the wrong prices. Of course, some are buying hopes and dreams at ridiculous prices as well, but that is a story for another time. More importantly, in our opinion, the real-money making opportunities lie elsewhere. This gives us hope as 2020 merges into 2021. Wishing you a Happy and Healthy New Year.
Published: December 1, 2020
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.
Published: May 1, 2020
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.
Published: March 1, 2020
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.
Published: October 1, 2019
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.
Published: May 1, 2019
We discuss the current investment environment by drawing parallels to the Portuguese myth based on the belief that King Sebastian will return to save Portugal. This seemingly captures the way most people feel about value investing by sneering at unpopular, but value-laden, tangible assets. We believe that what others condescendingly snub as “cigar butts” may turn out to be, figuratively, valuable ‘Cubans’, wrapper intact.
Published: November 1, 2018
We discuss the dangers and opportunities created investors allow independent thought and judgment to be subordinated by the dominant theories of the day; to prescriptive economic theories; to formulaic investment models; and especially to price insensitive investment approaches. Why Kopernik prefers independent thought to dependency and judgement to data. We discuss why the future looks bright for active investing, for value investing, and for idiosyncratic investing.
Published: June 1, 2018
Using the aforementioned song as an analogy for the current investment market, we discuss the how the markets look like a runaway train, the perils that presents for investors, but more importantly, the potential safety and money-making opportunities available to those who are willing to jump off the momentum express train.
Published: December 1, 2017
We revisit the active/passive debate, the current obsession with measurement, the concept of weight, and the misguided measurement of risk. These phenomena present attractive opportunities to thoughtful, patient, long-term investors.
Published: July 1, 2017
We discuss the essence of time and how do we account it in an era where the world’s central banks have suppressed the most important variable used to discount the time value of money. Since these developments have effectively rendered conventional valuation models useless we delve into how Kopernik tries mitigate it by, among other things, using Charlie Munger’s approach of turning the models upside down.
Published: April 1, 2017
Taking cues from the 1977 Iggy Pop song bearing the same name, we discuss the distinctions between active/passive investing and why we at Kopernik prefer to be the driver, not the passenger.
Published: July 1, 2016
Drawing similarities to the famous quote by Vince Lombardi, we discuss the currently inflated perception of the importance of ‘when’, the current opportunity to ‘win’, the prevalence of people playing not to lose, some thoughts on how the game is currently being played, and how this has left stocks so undervalued that returns are likely to be lucrative even if it takes a little time to materialize.
Published: May 1, 2016
Using the Academy Award winning film, The Big Short, David B. Iben, CFA discusses the current valuation environment of early 2016 and why the world is scripting it’s sequel. Arguing that we are not in the beginning of a bear market but rather near the late stages of a deep, powerful, psychologically challenging bear market. Dave explains the potential upside of current depressed valuations and why we are waiting patiently for an inevitable return to rationality.
Published: February 1, 2016
David B. Iben, CFA discusses cyclicality in the financial markets. Whether it be clothes, entertainment or currencies, human preferences are ever changing making this market have an extraordinary level of peril and opportunity. And why, in the current highly-correlated investment environment, Kopernik uses a rigorous, bottom-up research process to mitigate it. Here at Kopernik, it’s still rock and roll to us.
Published: July 1, 2015
Drawing parallels to the 1959 American TV show, David B. Iben, CFA discusses the current financial markets and why we believe, much like 1999 and 2008, we have crossed into the “twilight zone”, why this appears to be the buying opportunity of a lifetime and how Kopernik is taking full advantage where many prefer to buy high and sell low.
Published: January 1, 2015
David B. Iben, CFA discusses why we believe that valuation is the key determinant of risk (permanent loss of purchasing power) and why short-term price fluctuations are not risk, but are an annoying, often painful, creator of opportunity. While When Doves Cry reminds us of the Fed’s cooing over taking the risk out the marketplace, Prince’s apocalyptic anthem, 1999 will be used as a medium to lay out quite a bullish case for active management.
Published: October 1, 2014
Following the story of a California couple who stumbled on a coffee can filled with treasure, David B. Iben, CFA discussed the idea that investors often obsess over the wrong type of “risks’ and why this error in judgement presents outsized money-making opportunities.
Published: June 1, 2014
David B. Iben, CFA, uses the classic tale, the Wizard of Oz by L. Frank Baum, as a parody of the world’s central banks, elected representatives, Neo Keynesian academics and the rest of the central planners and why we at Kopernik plan to forsake easy gimmicks and follow the yellow “BRIC” road.
Published: November 1, 2013
My Fair Lady, (MFL) has been reprised many times over the decades. It started as Pygmalion in London, later coming across the Pond as MFL, and as many versions continued to be cast on various stages throughout the world, it was adapted for film and became a popular, award-winning movie. Therefore, it seems in the spirit of things to reprise my Commentary from four months ago.
Published: July 1, 2013
Our timber white paper explores how biological and economic forces shape the timber industry and create opportunities for long-duration value investors. It examines timber’s cyclical markets and discusses Kopernik’s recent investments identified through our disciplined, bottom-up research process.
Published: June 23, 2026
This whitepaper examines how cash functions within our actively managed portfolios. Cash is a residual of Kopernik’s disciplined, bottom-up investment process, offering the optionality to exchange cash for businesses when prices are right. Using recent investment examples, the paper explains how cash levels evolve through active trimming and adding securities based on their risk adjusted intrinsic value, and highlights where we are currently finding opportunities–including commodities, international conglomerates, asset managers, and U.S. healthcare.
Published: May 12, 2026
“History doesn’t repeat itself, but it does rhyme.” In this whitepaper, we examine the parallels between today and the 1920s—particularly how the sweeping cultural, political, and economic shifts of each decade ushered in dramatic change, markets that soared to unsustainable highs, and important lessons that remain relevant today.
Published: September 23, 2025
The term “conglomerate” has long carried both positive and negative connotations. In this whitepaper, Kopernik CIO Dave Iben discusses why conglomerates can be good, bad, and everything in between. He delves into how the quality of a conglomerate depends on its underlying businesses and management, and highlights the low-priced conglomerates the Kopernik team is identifying as compelling value investment opportunities.
Published: February 25, 2025
Over the past 25 years, South Korea’s economy has flourished, with GDP tripling since 2001, making it the world’s 14th-largest economy. In Kopernik’s latest whitepaper, managing editor Mary Bracy explores the current market landscape, offers a brief history of South Korea, and highlights key investment opportunities Kopernik is finding in sectors like telecommunications and consumer goods. While classified as an Emerging Market by MSCI, South Korea shares many traits with developed economies. For more insight, read on.
Published: January 30, 2025
In recent webinars and whitepapers, the Kopernik team has discussed the inefficiencies inherent in markets and how our investment process is designed to capitalize on these as opportunities. In our latest whitepaper, Navigating Market Inefficiencies, our investment research team explores the root causes of market inefficiencies and provides insights for investors.
Published: December 17, 2024
Four years after our report on gold, our investment team has published an updated whitepaper to include other precious metals—silver, platinum, and palladium. In this new edition, we emphasize why everyone should consider having exposure to precious metals in their portfolio. We explore how gold retains its value over the long term and highlight the monetary potential of platinum, silver, and palladium (on top of their substantial industrial uses).
Published: October 22, 2024
Four years ago, Kopernik’s investment team published a white paper on the state of mining. In our updated 2024 white paper, we discuss how our differentiated approach uncovers the attractive values within this space, explain how we assess the value of mining companies, and describe why the risk/reward profile for the miners is compelling.
Published: October 3, 2024
In this whitepaper, Kopernik expands on the themes explored in our webinar, “Optionality: Navigating Uncertainty in Today’s Market.” We explore the concept of optionality and how active investors can leverage it by using volatility to their advantage, including why the current fragile state of affairs requires an “antifragile” portfolio. Discover more regarding the pivotal role of options and optionality by reading our full commentary.
Published: July 2, 2024
As Benjamin Graham points out, “The intelligent investor is a realist who sells to optimists and buys from pessimists.” In her year-end letter, Deputy CIO Alissa Corcoran highlights the extreme optimism and pessimism in today’s markets. Drawing parallels to the 1960s and 1970s, she notes that there are similarities in investor psychology and warns of the risks when price is not considered in investment decisions. The U.S. momentum market is on a roll. However, Kopernik is finding opportunities by venturing into less loved areas of the market, such as real assets and emerging markets. Corcoran argues that now may be the time for investors to sell to optimists and focus on the fundamentals.
Published: February 1, 2024
In the third iteration of our uranium whitepaper, Kopernik energy analyst Stephen Rosenthal explores the state of uranium investing in 2023. When our previous whitepapers came out, uranium was far from popular with investors – now, it seems like we’re finally sitting at the cool kids’ table in the investing cafeteria.
Published: December 1, 2023
In this whitepaper on ESG, Kopernik’s investment research team provides an update to our March 2021 webinar on the same topic. In summary, ESG is important, complex, and nuanced. This whitepaper will give an update on how we think about the current ESG environment, provide examples of the types of ESG risks we are evaluating, and explain how we integrate ESG risk into our valuation process.
Published: July 1, 2022
In this whitepaper, Kopernik’s investment research team builds on our April 2022 webinar about geopolitical risk, breaking down our process and examples of both successes and losses in emerging markets. Evaluating geopolitical risk has always been a key factor in our global investment process. As global crises have made our role as investment manager more crucial than ever, our mission of being independent thought leaders could not be more pertinent.
Published: July 1, 2022
In his latest commentary, “Lord make me green…but not yet”, Kopernik Analyst Steve Rosenthal discusses a range of factors that handicap “net-zero” emission pledges around the world. While this ambitious goal will hopefully materialize, there resides a paradox in achieving it at the rate and extent we want/need.
Published: November 1, 2021
In this white paper, Kopernik’s Investment Research team analyzes the potential risks and upsides of investing in the mining space and describes how Kopernik values mining companies.
Published: September 1, 2020
In this update of our 2017 white paper, analyst Steve Rosenthal discusses Kopernik’s perspective on uranium, its unique properties, and the global opportunities Kopernik is currently seeing in the industry.
Published: August 1, 2020
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.
Published: July 1, 2020
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.
Published: July 1, 2020
Stephen Rosenthal, CFA, Kopernik Analyst, discusses Kopernik’s view on Uranium.
Published: July 1, 2019
Alissa Corcoran, CFA, Kopernik Analyst, discusses Kopernik’s view on currency risk and why the Firm doesn’t hedge foreign currency exposure.
Published: June 1, 2019
Stephen Rosenthal, CFA, Kopernik Analyst, discusses the global demand for energy and how coal will continue to be a viable option to meet the energy needs of a growing population.
Published: May 1, 2019
Alissa Corcoran, CFA, Kopernik Analyst, discusses Kopernik’s view on gold, its unique history, and the global opportunities Kopernik is finding in the industry.
Published: April 1, 2019
Stephen Rosenthal, CFA, Kopernik Analyst, and Mark McKinney, CFA, Kopernik Analyst and Portfolio Manager discuss Kopernik’s approach to assessing the risk and opportunity of investing in Russian equities.
Published: March 1, 2019
As part of Kopernik’s Industry Spotlight Q&A series, energy analyst Stephen Rosenthal discusses the long view of dynamics shaping the oil and gas sector. The conversation focuses on structural supply and demand, valuation, and the importance of maintaining a disciplined, bottom-up approach, particularly during periods of heightened market volatility. (May 2026)
Published: May 4, 2026
Kopernik Analyst Taylor McKenna appeared on BNN Bloomberg to discuss the importance of supply dynamics when investing in commodity companies, particularly across metals and mining. He emphasized the need for investors to focus on the supply side of the equation, noting that underinvestment and constrained production are creating compelling opportunities across several commodity stocks. Watch Taylor’s interview here.
Published: April 20, 2026
Kopernik Co-CIO and Lead Portfolio Manager Dave Iben, alongside members of our investment team, recently spoke with Institutional Investor for an in-depth profile on Dave’s background, the founding of the firm, and Kopernik’s distinctive global investment approach. The interview explores the importance we place on independent thinking, rigorous bottom-up research, and investing with conviction across markets and cycles. It also underscores our commitment to on-the-ground research—an approach that has taken our team across the globe in pursuit of differentiated insights. Read the full interview here.
Published: March 5, 2026
Kopernik Analyst Taylor McKenna appeared on BNN Bloomberg to discuss the firm’s top commodity stock picks amid elevated prices across precious metals and mining equities. Taylor highlighted K+S and Nutrien as companies to watch, noting that potash remains well below its incentive price. He also discussed Kopernik’s growing interest in base and industrial metals companies, pointing to iron and copper as compelling opportunities. Watch Taylor’s interview here.
Published: February 19, 2026
Kopernik Analyst Taylor McKenna appeared on BNN Bloomberg to discuss the firm’s top commodity stocks heading into 2026. Taylor highlighted K+S as one of the key companies to watch, noting that potash is currently trading well below the incentive price. He also pointed to Kopernik’s growing interest in metals beyond gold—including platinum and copper miners —given their compelling undervaluation. Watch Taylor’s interview here.
Published: December 12, 2025
While in London, Co-CIO Dave Iben joined the Value Investing team at Schroders for The Value Perspective podcast. The discussion explores Kopernik’s on-the-ground research and our independent approach to finding value, which often leads us to opportunities that look very different from the indices. Hear the full conversation on Spotify or Apple Podcasts.
Published: November 25, 2025
Kopernik Co-CIO Alissa Corcoran appeared on Bloomberg TV to explain why, amid gold’s record highs, the firm has trimmed its exposure to gold and gold miners. Alissa highlighted several other metals we are focused on instead—including manganese, iron, platinum, and copper—and discussed where Kopernik is finding opportunities beyond commodities, including international conglomerates and U.K. financial institutions. Watch Alissa’s interview here (her remarks begin at 31:55).
Published: October 20, 2025
Kopernik Analyst Taylor McKenna spoke with Reuters about the recent gold rally and our perspective, including why Kopernik has been turning its attention to companies in the platinum and base metals space as gold’s undervaluation discount narrows. Read the article here.
Published: October 15, 2025
Kopernik Analyst Taylor McKenna appeared on BNN Bloomberg TV to discuss the recent rally in gold prices and the firm’s top picks in metals and mining. He also explained why Kopernik is trimming back gold exposure and increasing its focus on companies in the platinum and base metals space as gold’s undervaluation discount narrows, and how silver prices compare to gold as both approach record highs. Watch Taylor’s interview here.
Published: October 14, 2025
Kopernik Analyst Taylor McKenna appeared on BNN Bloomberg TV to discuss the firm’s top stock picks in metals and mining, explaining why platinum mining companies currently offer a stronger value opportunity than gold miners, and highlighting Kopernik’s investments in iron and copper miners. Watch Taylor’s interview here.
Published: October 6, 2025
Kopernik Co-CIO Alissa Corcoran recently spoke with Piyasi Mitra of Funds Europe in a feature Q&A about our approach to investing in undervalued—and often overlooked—assets, regions, and sectors. Alissa shared Kopernik’s perspective on what value means in today’s global market, and why Kopernik views volatility as an opportunity for long-term investors. Read Alissa’s interview here.
Published: August 22, 2025
CIO Dave Iben appeared on the Behind the Balance Sheet Podcast for a wide-ranging discussion on value investing. Dave shared his personal journey into the discipline, Kopernik’s distinct investment philosophy, and the evolving challenges—and opportunities—facing value investors today. Listen to the full interview here.
Published: June 23, 2025
Kopernik’s Deputy CIO, Director of Research, and Portfolio Manager Alissa Corcoran spoke at the 2025 London Value Investor Conference about the immortality of value investing. Watch the highlights of her presentation here.
Published: June 12, 2025
Kopernik Analyst Taylor McKenna appeared on the Money of Mine Podcast to discuss how the firm determines investment opportunities within the mining sector, why the market often misprices mining companies, as well as the firm’s investments in a wide range of metals—including platinum, lithium, and copper. Watch Taylor’s interview here.
Published: June 11, 2025
Kopernik Analyst Taylor McKenna appeared on BNN Bloomberg TV to discuss his top company recommendations in mining and global commodities, why Kopernik is interested in platinum and other undervalued precious metals, and the firm’s investments in gold and potash mining companies. Watch Taylor’s interview here.
Published: May 9, 2025
Kopernik CIO and Lead Portfolio Manager Dave Iben spoke with Forbes for an article on the importance of value investing amidst a volatile market environment. In this feature interview, Dave highlights the misunderstood markets, overlooked industries, and unloved geographies he believes are mispriced opportunities despite high, underlying business value. Read the full article here.
Published: April 30, 2025
Kopernik Deputy CIO Alissa Corcoran was featured in Value Investor Insight. In this interview, Alissa discussed the importance of looking beyond the United States and towards emerging markets, how Kopernik determines if conglomerates and mining companies are trading at a discount, and why Seabridge Gold and South Korea’s L.G. Corp should be of interest to value investors right now. Read the full article here.
Published: April 14, 2025
Kopernik CIO and Lead Portfolio Manager Dave Iben was featured in an Institutional Investor article about why value investors are looking to outside of the U.S., to places like Japan, South Korea, and Brazil. As highlighted in his presentation at the Value Invest New York Conference, Dave explains that while the U.S. has seen massive volatility, it remains too expensive. There are many opportunities to buy undervalued companies outside the U.S. where some stocks are not even above where they were back in 2007. Read the full article here.
Published: April 11, 2025
Our Deputy Director of Research Simon Shi was recently featured in a Barron’s article, where he shared Kopernik’s valuation of CK Hutchinson Holdings, and how he views the conglomerate as currently trading at a substantial discount. Read the full interview here:
Published: March 27, 2025
Chief Investment Officer Dave Iben recently discussed Kopernik’s investment approach with Wealthion’s Trey Reik. In this interview, Dave identifies several sectors and companies with value investment opportunities—from emerging markets, to precious metals like platinum and gold, to the often-disregarded conglomerates. To learn more, watch Dave’s full interview here.
Published: March 20, 2025
Chief Investment Officer Dave Iben appeared on Grant Williams’ About Time interview series to discuss Dave’s career and expertise in value investing, the importance of active management, and Kopernik’s approach to identifying undervalued companies. Together, Dave and Grant examined the significant opportunities and inevitable challenges of value investing in both current and past market environments. Watch Dave’s interview here. Use password “kopernik” for access.
Published: March 13, 2025
Deputy CIO Alissa Corcoran appeared on BNN Bloomberg TV to share her insights on gold as the metal is at all-time highs. In this interview, Alissa highlights Kopernik’s investment approach — outlining the current valuation gap between mining companies and gold price, and sharing Kopernik’s top picks among gold miners and other precious metals. Watch Alissa’s interview here.
Published: February 11, 2025
Chief Investment Officer Dave Iben appeared on Adam Taggart’s Thoughtful Money podcast to discuss the year ahead, Kopernik’s value investment approach, and opportunities within today’s inefficient markets. Dave explained why active managers should be encouraged heading into 2025, and how abnormalities in the financial markets are not always negatives. Watch Dave’s interview here.
Published: January 15, 2025
Deputy CIO Alissa Corcoran appeared on BNN Bloomberg TV to share insights on the fundamental drivers of gold, platinum, and palladium. Alissa explained why gold and platinum remain undervalued and discussed Kopernik’s top picks among gold miners and other precious metals. Watch Alissa’s interview here.
Published: December 12, 2024
Kopernik Analyst Taylor McKenna appeared on Schwab Network to discuss the role of lithium in EV infrastructure, and the importance of tracking prices of critical materials like lithium, nickel, and copper amid rising EV demand. Watch Taylor’s interview here.
Published: October 29, 2024
Deputy CIO Alissa Corcoran appeared on BNN Bloomberg TV to share the Firm’s outlook on global markets. Alissa discussed the opportunities Kopernik is seeing in China and South Korea, as well as the Firm’s bottom-up investment approach across various sectors, including mining and real assets. Watch Alissa’s interview here.
Published: September 20, 2024
In today’s uncertain landscape, optionality is paramount. It means having the freedom (the option) to seize opportunities or mitigate risks as they arise in the future. Options are choices; choices with optionality mean paying the right price for asymmetric return potential. We believe the market undervalues this characteristic, and many high-optionality companies are trading far below their intrinsic value. Join us as we explore optionality and how active investors can leverage it for value by using volatility to their advantage. Speakers: Dave Iben, CIO & Lead Portfolio Manager, and Alissa Corcoran, Deputy CIO, Director of Research & Co-Portfolio Manager Q&A hosted by: Mary Bracy, Managing Editor – Investment Communications
Published: May 10, 2024
Kopernik Analyst Taylor McKenna was invited as a panelist on Benzinga’s recent webinar, “Mining Unearthed: Navigating the Ore of Innovation,” to highlight attractive opportunities in the mining sector, focusing on miners where Kopernik maintains strong conviction. While gold prices are at all-time highs, the miners are trading at substantial discounts, presenting a chance to acquire optionality on sale. Watch Taylor’s interview here, along with the complete panel discussion here.
Published: March 20, 2024
Kopernik CIO Dave Iben was appointed as Chair of the Board of Advisors for the USC Marshall School of Business Center for Investment Studies (CIS). As Board Chair, Dave will advise the Center Director in providing strategic insights and direction to help guide the Center’s mission of advancing investment knowledge and experiential learning through academic research, student education, and industry engagement. This new role provides an opportunity for him to further expand his involvement by collaborating with the CIS board, as well as connecting with USC Marshall School alumni, faculty, and students. Read the full announcement here.
Published: March 20, 2024
Kopernik CIO Dave Iben joined The Clockwork CIO podcast to discuss his leadership style, his thoughts on risk, and the mentors who shaped his success in the investment industry. Dave’s full interview can be found on Spotify or Apple Podcasts.
Published: March 19, 2024
Kopernik Deputy CIO Alissa Corcoran appeared on Bloomberg TV to discuss the firm’s top investment ideas for 2024 and her outlook for value investing overall. Alissa’s full interview can be found here starting at 52:00.
Published: December 1, 2023
Founder and CIO Dave Iben appeared on the Wealthion investing series to speak about the current inflationary concerns and how inflation impacts assets differently. Tune in to uncover his perspectives on gold, uranium, and lithium, and gain valuable insights into the risks and opportunities in mining stocks.
Published: November 1, 2023
Founder and CIO Dave Iben appeared on The Super Terrific Happy Hour Podcast to discuss how the bifurcated market presents opportunities in real assets in an inflationary environment. Listen to the podcast or view the transcript.
Published: October 1, 2023
Kopernik’s Taylor McKenna spoke with MarketWatch about silver and gold’s performance and the opportunities the firm is finding with mining companies. Read the full story here.
Published: September 1, 2023
Kopernik Analyst Taylor McKenna joined Benzinga’s Virtual Gold Conference last week to discuss opportunities in the sector and the gold miners Kopernik maintains strong conviction in. We remain especially bullish on junior miners, like Seabridge Gold and Equinox Gold. Watch the replay of the conference here to check out Taylor’s thoughts, beginning at the 20-minute mark.
Published: July 1, 2023
Kopernik Deputy CIO Alissa Corcoran appeared on Bloomberg TV to discuss why the current environment doesn’t deter Kopernik from capitalizing on the attractive opportunities present in commodity investing. You can watch Alissa’s interview here.
Published: June 2, 2023
Kopernik’s President Neda Yarich was profiled in a story by the Tampa Bay Business Journal. She discussed our firm’s 10-year milestone, her professional trajectory, and why proper ESG integration requires a certain amount of critical thinking. Read the full story here.
Published: June 1, 2023
Kopernik is proud to announce that founder and CIO Dave Iben received the 2023 Fund Manager Lifetime Achievement Award* from the London Value Investor Conference. Watch the full video announcement here. *Non-client endorsement
Published: May 1, 2023
In honor of our 10-year anniversary, Kopernik was profiled in a story by the Tampa Bay Business Journal. Our Founder and CIO Dave Iben and President Neda Yarich discussed Kopernik’s success, growth, and why it has always paid to be a contrarian investor. Read the full story here.
Published: May 1, 2023
Deputy CIO Alissa Corcoran spoke at the Bloor Street Capital Nuclear & Uranium Conference, where she discussed opportunities in global markets and how Kopernik approaches investing in uranium. Watch Alissa’s full interview here, beginning at 1:19:07.
Published: March 1, 2023
Today’s market environment is leading to extreme discounts in select assets, presenting an increasingly interesting set of opportunities. Kopernik CIO Dave Iben and Deputy CIO Alissa Corcoran recently sat down with Value Investor Insight to discuss where these opportunities are and how Kopernik’s philosophy and investment process are poised to capitalize on them. Dave and Alissa explore several themes including: 1. The importance of scarce, necessary assets in the commodities space 2. Specific opportunities in emerging markets, agriculture, and gold miners
Published: March 1, 2023
CIO Dave Iben and Deputy CIO Alissa Corcoran sat down with editor Kathryn M. Welling of Welling on Wall Street for a profile on Kopernik. Read the full interview for more insight into the investment opportunities we’re finding in emerging markets and why we continue to enjoy being contrarian, patient investors.
Published: February 1, 2023
Deputy CIO Alissa Corcoran sat down with Steve Barton, host of the In It to Win It podcast, to discuss value investing, inflation, emerging markets abroad and analyze the trends in commodities such as gold, platinum and uranium. Listen to Alissa’s full interview here.
Published: January 1, 2023
Kopernik Deputy CIO Alissa Corcoran appeared on Bloomberg TV to discuss commodities—specifically the supply of real assets like copper, the advantages of investing in gold, and the favorable gains Kopernik has seen in the energy sector. Alissa’s full interview with Bloomberg can be found here starting at 26:33.
Published: December 1, 2022
Kopernik CIO Dave Iben recently sat down with Paul Olschwanger of Wendell Rhoads Consulting for an episode of Charterholder Chatter, sponsored by the CFA Society of Dallas-Fort Worth. Dave spoke to Paul about the progression of his investment career, what’s to come for the future of value investing, and why to Kopernik, volatility is opportunity. You can listen to Dave’s full discussion on the CFA Society Dallas/Fort Worth Charterholder Chatter website or by clicking play in the player below.
Published: November 1, 2022
Our CIO Dave Iben was recently interviewed by The Wall Street Transcript, where he discussed Kopernik’s investment philosophy and why companies in emerging markets are compelling for investors looking to construct a more diversified portfolio. Read the full interview here.
Published: September 1, 2022
Our Deputy CIO Alissa Corcoran spoke to Bloomberg TV about global commodities, taking advantage of volatility, and the benefits of value investing. Watch Alissa’s interview here, beginning at 23:50.
Published: September 1, 2022
Recently, Kopernik CIO Dave Iben spoke with Institutional Investor for a deep dive on the importance of investing in emerging markets—including Ukraine and Russia—and discussed where exactly to find opportunities in Eastern Europe. Read Dave’s full interview here.
Published: July 1, 2022
Kopernik’s CIO Dave Iben spoke to the Financial Times about why Russian assets still hold value, even in the wake of the war with Ukraine. Read the full feature on the Financial Times website here (Requires login)
Published: April 1, 2022
On April 7, 2022, Kopernik Global Investors had a discussion on managing geopolitical risk in a global portfolio, apropos current events. It is Kopernik’s belief that today’s world almost requires that a considerable part of portfolios be allocated to emerging markets to provide refuge from the perils of significant overvaluations and protection from the inflation-driven erosion of purchasing power. Yet, there are many challenges when it comes to investing in developing countries. In this webinar, we discussed how Kopernik appraises and manages a portfolio of businesses in the various parts of the world. Speakers: Alissa Corcoran, Deputy CIO, Director of Research, Analyst and Todd Tosti, Industrials Analyst Hosted by: David Iben, Chief Investment Officer and Lead Portfolio Manager Click here to watch the replay.
Published: March 1, 2022
Kopernik’s Deputy CIO Alissa Corcoran appeared on Bloomberg TV to discuss why Kopernik believes precious metal mining companies present an attractive investment opportunity. Watch the full segment here.
Published: December 1, 2021
Kopernik’s Director of Research Alissa Corcoran spoke with the team at Bloor Street Capital to provide a rundown of how Kopernik evaluates investment opportunities in uranium and explain why we believe it’s still underpriced. You can watch the full conference here.
Published: October 1, 2021
Kopernik’s Director of Research Alissa Corcoran was featured in a Barron’s story discussing the top international value funds, where she spoke with the publication about KGIIX and where to find opportunities in emerging markets. Read the full story here.
Published: July 1, 2021
Kopernik’s Director of Research Alissa Corcoran went on Bloomberg TV to discuss the exciting opportunities she’s finding in emerging markets and why Kopernik prefers gold over bitcoin. Watch the full segment here (starts at 15:53)
Published: May 1, 2021
Our CIO Dave Iben was profiled in Barron’s, where he discussed the history of Kopernik and how his nearly four decades of investment experience have prepared him to find success in value investing. Read the full feature on the Barron’s website here.
Published: May 1, 2021
On March 30, 2021, Kopernik’s President Neda Yarich hosted a discussion on Environmental, Social, and Governance (ESG) with Chief Investment Officer and Lead Portfolio Manager David Iben and Director of Research/Analyst Alissa Corcoran. Click here to watch the replay.
Published: March 1, 2021
Kopernik Founder and CIO Dave Iben was included in a Barron’s feature story, where he spoke with the publication about the buying opportunities he’s currently finding in commodities like uranium, energy, and more. Read the full story here.
Published: February 1, 2021
Kopernik Founder and CIO Dave Iben recently spoke with Barron’s for the publication’s “Top Income Investments of 2021” cover story, where he discussed where he’s currently finding value opportunities overseas. Read the full story here.
Published: January 1, 2021
In this interview with Bloomberg Radio’s Daybreak Asia, Kopernik CIO Dave Iben discusses the extremely bifurcated market and opportunities that we’re finding in gold producers and emerging market telecom companies. Listen to the full interview here.
Published: January 1, 2021
Kopernik’s Director of Research, Alissa Corcoran, joined Bloomberg Radio to discuss where she is finding buying opportunities in today’s bifurcated market, including in commodities like uranium and gold. Listen to her full interview here.
Published: September 1, 2020
Kopernik CIO Dave Iben recently spoke with Value Investor Insight for a feature piece on where he’s finding value and why it’s one of the best times ever to be an active investor. Read the full interview here to learn more about how he’s identifying opportunities in high-quality companies in emerging markets as well as situations where cash flows are latent and reside in real assets.
Published: August 1, 2020
Director of Research/Analyst Alissa Corcoran interviews analysts Steve Rosenthal and Taylor McKenna about how Kopernik values mining companies. Although these companies may come with a lot of baggage, we believe the upside potential more than offsets the risk. We discussed how we assess the risk, the opportunities we are seeing today, and took time to answer live questions. Please click here to watch the replay.
Published: August 1, 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.
Published: July 1, 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.
Published: June 1, 2020
Kopernik CIO, David Iben, was recently interviewed by Robert Hunter from Value Invest. Listen to the interview (Part 1) here.
Published: June 1, 2020
Kopernik CIO, David Iben, was recently interviewed by Robert Hunter from Value Invest. Listen to the interview (Part 2) here.
Published: June 1, 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.
Published: May 1, 2020
Kopernik CIO and Lead Portfolio Manager, Dave Iben recently sat down with Russell Investments to discuss the case for investing beyond the U.S. Originally presented at a Russell Investments event for institutional investors. You can watch the full video here.
Published: May 1, 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.
Published: April 1, 2020
Dave Iben recently sat down with Kate Welling at Welling on Wall Street to discuss finding values in the market’s most reviled sectors and why active management is more important than ever.
Published: December 1, 2019
Kopernik’s CIO David Iben was recently interviewed by The Wall Street Transcript.
Published: September 1, 2018
Kopernik’s CIO David Iben recently spoke at a Barron’s conference. In this interview, he discusses “three investments that look cheap in a fairly full-priced market.”
Published: May 1, 2017
Kopernik’s Founder, CIO and Portfolio Manager, David Iben, discusses why Kopernik likes certain gold, uranium and phone companies in this current, especially inefficient market.
Published: July 1, 2015
Kathryn Welling and David Iben discuss his recent endeavors and why Dave believes this is a great market for value investing.
Published: July 1, 2014
Value Investor Insight features Kopernik’s Founder and Portfolio Manager, David Iben in “Against the Grain.” In the article, David Iben discusses the investment philosophy at Kopernik Global, why today’s market is reminiscent of 1972 and 1999, risk versus reward in Russia and China, and single-industry valuations on a global basis
Published: March 1, 2014
Kopernik’s Founder and Portfolio Manager, David Iben, discusses why the current environment is ideally suited for active managers who are willing to think independently and invest in unpopular regions and sectors.
Published: March 1, 2014
P&I’s article discusses a changing foreign institutional investor landscape that has decreased the notion that U.S.-based money managers should establish a physical overseas location and notes Kopernik’s relationship with its London-based partner Heptagon Fund PLC.
Published: January 1, 2014
Edited Transcript of the 1st Quarter 2026 Conference Call with Dave Iben Kopernik reviews the audio recording of the quarterly calls before posting the transcript of the call to the Kopernik website. Kopernik, in its sole discretion, may revise or eliminate questions and answers if the audio of the call…
Published: April 10, 2026
Edited Transcript of the 4th Quarter 2025 Conference Call with Dave Iben and Alissa Corcoran Kopernik reviews the audio recording of the quarterly calls before posting the transcript of the call to the Kopernik website. Kopernik, in its sole discretion, may revise or eliminate questions and answers if the audio…
Published: January 8, 2026
Edited Transcript of the 3rd Quarter 2025 Conference Call with Dave Iben and Alissa Corcoran Kopernik reviews the audio recording of the quarterly calls before posting the transcript of the call to the Kopernik website. Kopernik, in its sole discretion, may revise or eliminate questions and answers if the audio…
Published: October 16, 2025
Edited Transcript of the 2nd Quarter 2025 Conference Call with Dave Iben and Alissa Corcoran Kopernik reviews the audio recording of the quarterly calls before posting the transcript of the call to the Kopernik website. Kopernik, in its sole discretion, may revise or eliminate questions and answers if the audio…
Published: July 15, 2025
Edited Transcript of the 1st Quarter 2025 Conference Call with Dave Iben and Alissa Corcoran April 24, 20254:15 pm ET Mary Bracy: Good afternoon, everyone. I'm Mary Bracy, Kopernik's Managing Editor of Investment Communications. We're pleased to have you join us for our first quarter 2025 investor conference call. As…
Published: April 11, 2025
Edited Transcript of the 4th Quarter 2024 Conference Call with Dave Iben and Alissa Corcoran January 30, 20254:15 pm ET Mary Bracy: Good afternoon, everyone. I'm Mary Bracy, Managing Editor of Investment Communications here at Kopernik. We're pleased to have you join us for our fourth quarter 2024 investor conference…
Published: January 20, 2025
Edited Transcript of the 3rd Quarter 2024 Conference Call with Dave Iben and Alissa Corcoran October 30, 20244:15 pm ET Mary Bracy: Good afternoon, everyone. I'm Mary Bracy, Managing Editor of Investment Communications here at Kopernik. We're very pleased to have you join us for our third quarter 2024 investor…
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