News & Views

News & Views

A Value Investor's Reflections on a Unique Decade (Jan 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.

More

JIG'S UP (Sep 2022)

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?

More

Changes in Latitude (Feb 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.

More

Sedona (Sep 2021)

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.

More

29 Palms (Jul 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.

More

Pages

The Greater The Suffering, The Greater The Peace (Jan 2022)

In his latest commentary, Kopernik analyst and co-portfolio manager for the International Strategy, Mark McKinney, compares the actions of the U.S. Federal Reserve and the resultant inflation and choppy investment environment to the dangerous aspirations of villains in Hollywood spy films and how Kopernik is actively managing our investments through “the greater suffering.”

More

Lord make me green…but not yet (Nov 2021)

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.

More

At What Cost? (Sep 2021)

In his latest commentary, Kopernik analyst and co-portfolio manager for the International Strategy Mark McKinney uses Thomas Sowell’s classic question “At what cost?” to articulate potential unintended consequences of finding solutions to current economic challenges.

More

The Nine Most Terrifying Words in the English Language - Part 2 (Apr 2021)

As a follow up to his last commentary, Kopernik Analyst and Co-portfolio manager for the International Strategy Mark McKinney furthers the discussion that “help” from the government will create more economic harm than benefit, specifically as it relates to inflation.

More

The Nine Most Terrifying Words in the English Language (Jan 2021)

In his latest commentary, Kopernik Analyst and Co-portfolio manager for the International Strategy Mark McKinney describes how the “help” from economic policymakers and government officials has historically and will continue in the future to create more harm than benefit economically and societally.

More

Fed Bug (Aug 2020)

In his latest commentary, Analyst and Portfolio Manager Mark McKinney discusses the rise of a new group of believers in the omnipotent power of the government and central banks, affectionately nicknamed “Fed Bugs,” who believe that printing more money will solve society’s problems. He argues that these Fed Bugs are missing the point: economic logic always wins in the long run.

More

Pages

Event: The Antidote to Correlation Webinar - ESG

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. 

Presentation: Antidote to Correlation E.S.G. Webinar

Video Replay: Antidote to Correlation E.S.G. Webinar

More

Barrons Feature Story on Commodities with Kopernik CIO, David Iben - January 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.

More

BNN Network - Commodities Primed for a Price Surge | Alissa Corcoran - February 4, 2021

Kopernik's Director of Research Alissa Corcoran went on BNN Bloomberg to discuss why commodities like uranium and gold have been underappreciated (partly due to momentum stocks), why the price of each will need to increase, and her key sector picks including Cameco and Centerra. Watch the full interview here.

More

Barron's "Top Income Investments of 2021" with Dave Iben - December 31, 2020

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.

More

Bloomberg Radio - Dave Iben On The Markets - December 28, 2020

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.

More

One-On-One with Dave Iben - Bloor Street Capital - November 23, 2020

Kopernik CIO Dave Iben spoke with the team at Bloor Street Capital to provide a rundown of Kopernik’s investment philosophy and explain why 25% of our assets are currently invested in gold and silver equities. Watch the two part series to learn more about how Kopernik values investment opportunities in the mining space.

Part 1 - Gold and Silver

Part 2 - Copper and Uranium

More

Pages