News & Views

News & Views

The Call of the Wild (Mar 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.

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Once Upon a Time on Wall Street (Oct 2019)

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 (May 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.

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Waiting for Sebastian (Oct 2018)

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.

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Master and Servant (Jun 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.

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Willful Blindness (Sep 2018)

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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Kopernik Perspective: Is Coal Dead? (Feb 2016)

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.

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That Word. I Do Not Think It Means What You Think It Means. (May 2018)

Mark McKinney, CFA, Kopernik Analyst and Portfolio Manager discusses a wide array of topics including risk, earnings, tech privacy, and Blockchain.

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Kopernik Perspective: Gold (Apr 2015)

Alissa Corcoran, CFA, Kopernik Analyst, discusses Kopernik's view on gold, its unique history, and the global opportunities Kopernik is finding in the industry.

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It’s Like Déjà Vu All Over Again (Jan 2018)

Mark McKinney, CFA, Kopernik Analyst and Portfolio Manager discusses the valuation changes of the worlds stock markets, the current tech stock heavy environment, and a look at Blockchain mania.

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Kopernik Perspective: Russia - It's not me, it's you (Apr 2015)

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.

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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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TD Ameritrade Network - David Iben On The Case For International Stocks

David Iben, Kopernik’s CIO, appeared on TD Ameritrade Network to discuss current investment opportunities.

March 09, 2020

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Welling on Wall St. - Listening In: Dave Iben - Embracing Vol, Hated Stocks (Nov 2019)

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.

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Value Invest New York

The inaugural edition of Value Invest New York took place at the Metropolitan Club on December 4 2018. It featured renowned Value Investors from the United States, including David Iben, Kopernik's CIO, as well as being a showcase for other Value Funds to talk about investment ideas from around the world.

See the full story here.

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The Wall Street Transcript: Waiting for the Market to Have a Vastly Different Opinion - Featuring David Iben

Kopernik's CIO David Iben was recently interviewed by The Wall Street Transcript.

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Barron's Video: Bargains Off the Beaten Track - Featuring David Iben

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."

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