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.
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.
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.
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.
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.
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
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.
Mark McKinney, CFA, Kopernik Analyst and Portfolio Manager discusses a wide array of topics including risk, earnings, tech privacy, and Blockchain.
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.
Alissa Corcoran, CFA, Kopernik Analyst, discusses Kopernik's view on gold, its unique history, and the global opportunities Kopernik is finding in the industry.
Mark McKinney, CFA, Kopernik Analyst and Portfolio Manager, discusses central banking, quantitative easing, debt yields, ETF manias & cryptocurrencies and the effect they have on the current investing environment.
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.
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.
Update on Russia/Ukraine Exposures (as of August 2, 2022)
Thoughts on the Ukrainian Situation (as of February 24, 2022)
David Iben, CIO & Lead Portfolio Manager and Alissa Corcoran, Deputy CIO & Director of Research discuss the investment implications of the Russia/Ukraine conflict.
Presentation: Investment Implications – Russia/Ukraine Conflict Presentation
Video Replay: Kopernik Global Investors | Investment Implications - Russia/Ukraine Conflict (Vimeo)
Transcript: Edited Transcript of Investment Implications - Russia/Ukraine Conflict
Note, the discussion took place on Friday, February 25, 2022 at 11 am ET. We continue to monitor developments related to the Russia/Ukraine Conflict.
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.
