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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Calypso's Market

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

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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Inconceivable

Mark McKinney, CFA, Kopernik Analyst and Portfolio Manager discusses our investment philosophy and process in more detail, with some specific examples, and how our approach leads to low correlation versus the benchmark and competition in the Global Value space.

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Value Investor Insight - featuring Dave Iben - July 31, 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.

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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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