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Kopernik Global Investors Letters & Research Archive

48 pieces · 2013–2026 · updated every Monday

2026

06-28Kopernik Q2 2026 Conference Call (Presentation)Kopernik, an investment firm, thinks U.S. stocks and AI hype are too expensive—the market is paying up for stories rather than fundamentals. It contrasts SpaceX with Amazon: SpaceX's market value near…→04-15Kopernik Global All-Cap Fund — Monthly HoldingsThis report is just a list of what the fund owned at the end of June 2026 — no performance, no commentary. The big takeaway: it leans heavily on raw materials. Nearly 30% is in materials, and five of…→04-15Kopernik Global All-Cap Fund — Quarterly Contribution ReportKopernik's global fund lagged badly in Q2 2026: it gained 4.14% while the global stock benchmark rose 10.17%, and it is still down 0.98% for the year. The culprit: about 40% of the fund is in emerging…→04-15Kopernik International Fund — Monthly HoldingsThis is Kopernik International Fund's holdings list as of June 30, 2026, not a market commentary. The fund doesn't state a view, but it keeps nearly 30% in cash and holds a small S&P 500 put option—a…→04-15Kopernik International Fund — Quarterly Contribution ReportThis is a summary of Kopernik International Fund’s quarterly report, and the numbers are weak: the fund rose 2.37% in Q2 2026, while its benchmark (a global index excluding U.S. stocks) gained 9.65%;…→03-28Kopernik Q1 2026 Conference Call (Transcript)Kopernik fund manager Dave Iben says U.S. stocks are priced for dangerous levels—past peaks like 1929—so losses in the main market index are a reasonable expectation. He thinks the real risk is everyo…→03-15Kopernik Global All-Cap Fund — Quarterly CommentaryKopernik Global All-Cap Fund beat its global benchmark by more than 10 percentage points in the first quarter. The manager is cautious: rather than predicting geopolitics or oil prices, he focuses on…→03-15Kopernik International Fund — Quarterly CommentaryIn Q1 2026, Kopernik International Fund beat its global benchmark by about 8.8 percentage points, helped by energy and materials stocks. Despite March's volatility, the manager stays cautious, focusin…→

2025

04-15Value Investor Insight | Deputy CIO Alissa Corcoran on Value in Global Conglomerates & Miners | March 31, 2025A fund manager says cheap 'value' stocks should beat pricey growth stocks over the next decade, making this a good time to buy when others are pessimistic. She thinks U.S. tech giants are overpriced a…→

2024

02-1510 for 10This article summarizes a fund's decade of investment views, centered on its 2013 call: gold miners and emerging markets (Brazil, Russia, India, China) were the most attractive opportunities, while ex…→02-15Kopernik Perspective: Uranium (Aug 2020 Update)This report argues uranium is at a cyclical bottom: demand for nuclear fuel should grow about 15% over the next decade while mines close and secondary supply (reusing stockpiled tails) runs out, so pr…→02-15Kopernik Perspective: Gold (Jul 2020 Update)This article argues that gold and gold-mining stocks are undervalued and may be repriced higher, because paper currencies lose value over time and the monetary system lacks a reliable anchor. The auth…→02-15Kopernik in Conversation with Value Investor Insight – February 28, 2023→02-15Welling on Wall St. Profiles Kopernik: Provocative, Patient, Contrary – February 24, 2023→02-15The Wall Street Transcript Interview with Dave Iben: Find Better Bargains by Investing Outside the U.S.→02-15Value Investor Insight – featuring Dave Iben – July 31, 2020→02-15The Wall Street Transcript: Waiting for the Market to Have a Vastly Different Opinion – Featuring David Iben→

2021

11-15Lord make me green…but not yet (Nov 2021)→09-15Sedona (Sep 2021)This piece argues that ESG (environmental, social and governance) scores have wrongly blacklisted some genuinely clean-energy and natural-food firms while inflating 'good' stocks to absurd levels. The…→07-1529 Palms (Jul 2021)This report argues that the Fed's massive money printing has not created real wealth—it merely cut the purchasing power of each dollar roughly in half. The manager turns bearish on the dollar and bull…→

2020

12-15Calypso’s Market (Dec 2020)→09-15Kopernik Perspective: Mining (Sep 2020)→07-15Is This An Inflection Point For Passive Management? (Jul 2020)→05-15Making Plans for Nigel (May 2020)→03-15The Call of the Wild (Mar 2020)→

2019

11-15Welling on Wall St. – Listening In: Dave Iben – Embracing Vol, Hated Stocks (Nov 2019)→10-15Once Upon a Time on Wall Street (Oct 2019)→05-15The Renaissance and the Entropic Arrow of Time (May 2019)→

2018

10-15Waiting for Sebastian (Oct 2018)→06-15Master and Servant (Jun 2018)→

2017

12-15Runaway Train (Dec 2017)→06-15The Weight of the Wait (Jun 2017)→04-15Time in a Bottle (Apr 2017)→02-15Kopernik Perspective: Uranium (Feb 2017)→

2016

08-15Kopernik Perspective: Currency (Aug 2016)→05-15“When”-ing isn’t Everything, It’s the Only Thing! (May 2016)→02-15The Big Long (Feb 2016)→02-15Kopernik Perspective: Is Coal Dead? (Feb 2016)→

2015

07-15It’s Still Rock and Roll to Me (Jul 2015)→04-15Kopernik Perspective: Gold (Apr 2015)→04-15Kopernik Perspective: Russia – It’s not me, it’s you (Apr 2015)→01-15The Twilight Zone (Jan 2015)→

2014

10-15When Doves Cry (Oct 2014)→07-15Welling on Wall St. – Listening In: Dave Iben’s Kopernik Thrives Where Others Fear To Tread (Jul 2014)→06-15The Saddle Ridge Hoard (Jun 2014)→03-15Value Investor Insight Features David Iben (Mar 2014)→

2013

11-15The Wizard of Oz (Nov 2013)→07-15My Fair Lady (Jul 2013)→