News & Views

News & Views

Calypso's Market (Dec 2020)

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.

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Making Plans for Nigel (May 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.

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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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These Go To Eleven (Feb 2019)

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: Currency (Aug 2016)

Alissa Corcoran, CFA, Kopernik Analyst, discusses Kopernik's view on currency risk and why the Firm doesn't hedge foreign currency exposure.

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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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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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The Clockwork CIO Podcast | CIO Dave Iben on Inspirations, Leadership & Risk | February 22, 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.

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USC Marshall Center for Investment Studies Appoints CIO Dave Iben as Board Chair | March 6, 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.

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Benzinga Webinar | Analyst Taylor McKenna on Opportunities in the Mining Sector | February 15, 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

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Bloomberg Markets | Deputy CIO Alissa Corcoran on Top Investment Ideas for 2024 | December 4, 2023

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.

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Wealthion | CIO Dave Iben on Inflation and Opportunities in Mining Stocks

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.

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Super Terrific Happy Hour with Stephanie Pomboy and Grant Williams | CIO Dave Iben on Investment Opportunities in Inflation | October 8, 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.

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