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.
“When”-ing isn’t Everything, It’s the Only Thing! (May 2016)
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.
Is This An Inflection Point For Passive Management? (Jul 2020)
In this June 2020 white paper, analyst Taylor McKenna explores the similarities and differences between active and passive management strategies. He argues that passive management strategies, such as ETFs and closet indexers, cannot replicate a more active approach. Using the metaphor of a thoughtful baseball manager, Taylor suggests that active management adds value to an investment strategy.
In this update of our 2015 white paper, analyst and Director of Research Alissa Corcoran, CFA 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 the opportunities that volatility can offer and why Kopernik focuses on long-term performance. Mark uses the popular 2016 self-help book by Mark Manson to offer interesting insights and applicability in the investment world.
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.
David Iben, CIO & Lead Portfolio Manager and Alissa Corcoran, Deputy CIO & Director of Research discuss the investment implications of the Russia/Ukraine conflict.
Institutional Investor Interview with Dave Iben: Opportunities in Eastern Europe - July 1, 2022
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.
Financial Times Story featuring Dave Iben - Contrarian fund manager cautions against writing off Russia assets - April 10, 2022
Kopernik's CIO Dave Iben spoke to the Financial Times about why Russian assets still hold value, even in the wake of the war with Ukraine. Read the full feature on the Financial Times website here (Requires login)
BNN TV - Featuring Alissa Corcoran - April 27, 2022
Kopernik Deputy CIO Alissa Corcoran appeared on BNN Bloomberg to provide a rundown of investment opportunities in emerging markets and explain how Kopernik evaluates geopolitical risk. You can watch the interview here.
The Antidote to Correlation Webinar - Managing Geopolitical Risk in a Global Portfolio - April 7, 2022
On April 7, 2022, Kopernik Global Investors had a discussion on managing geopolitical risk in a global portfolio, apropos current events. It is Kopernik’s belief that today’s world almost requires that a considerable part of portfolios be allocated to emerging markets to provide refuge from the perils of significant overvaluations and protection from the inflation-driven erosion of purchasing power. Yet, there are many challenges when it comes to investing in developing countries. In this webinar, we discussed how Kopernik appraises and manages a portfolio of businesses in the various parts of the world.
Speakers: Alissa Corcoran, Deputy CIO, Director of Research, Analyst and Todd Tosti, Industrials Analyst
Hosted by: David Iben, Chief Investment Officer and Lead Portfolio Manager
Bloomberg TV - Featuring Alissa Corcoran - December 7, 2021
Kopernik's Deputy CIO Alissa Corcoran appeared on Bloomberg TV to discuss why Kopernik believes precious metal mining companies present an attractive investment opportunity. Watch the full segment here.