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.

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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?

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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.

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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.

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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.

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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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Kopernik Perspective: Russia - It's not me, it's you (Apr 2015)

Stephen Rosenthal, CFA, Kopernik Analyst, and Mark McKinney, CFA, Kopernik Analyst and Portfolio Manager discuss Kopernik's approach to assessing the risk and opportunity of investing in Russian equities.

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I Don't Get It (Aug 2017)

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.

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I Did Nothing (And It Was Everything I Thought It Would Be) (Aug 2016)

Mark McKinney, CFA, Kopernik Analyst and Portfolio Manager, discusses the importance of "Why" we do what we do, our commitment in being disciplined in value investing and why that offers the best long term opportunity in a portfolio.

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Inconceivable (Oct 2014)

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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TD Ameritrade Network - Alissa Corcoran On The Upside for Gold - September 1, 2020

Kopernik's Director of Research, Alissa Corcoran, joined Oliver Renick on TD Ameritrade Network to discuss the upside for gold mining stocks and how other commodities like uranium are trading well below their incentive price. Watch here.

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Bloomberg Radio - Alissa Corcoran On The Markets - September 7, 2020

Kopernik's Director of Research, Alissa Corcoran, joined Bloomberg Radio to discuss where she is finding buying opportunities in today's bifurcated market, including in commodities like uranium and gold. Listen to her full interview here.

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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 Antidote to Correlation Webinar - Mining Companies

September 10, 2020 - Director of Research/Analyst Alissa Corcoran interviews analysts Steve Rosenthal and Taylor McKenna about how Kopernik values mining companies. Although these companies may come with a lot of baggage, we believe the upside potential more than offsets the risk. We discussed how we assess the risk, the opportunities we are seeing today, and took time to answer live questions.

Please click here to watch the replay.

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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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