market folly

We're posting notes from the London Value Investor Conference 2016.  Next up is David Iben of Kopernik Global Investors.


David Iben's London Value Investor Conference Presentation

Kopernik is a deep value fund that looks for unconventional ideas to add to a diversified portfolio.  Dave Iben is not keen on discounted cash flow analysis believing that assets have an inherent value whether or not they produce an income stream. He has been finding plenty of value in unloved countries like Russia, Ukraine, and Brazil. His recent purchases include farm land, hydroelectricity franchises, gas companies, electricity transmission companies, and railroads.

It is not a good time to hold cash but it is a beautiful time to buy assets. Franchises are overvalued and now is the time to go back to Graham and Dodd investing. Patience and conviction are the most important traits an investor requires.  He loves emerging markets at the moment but you need to diversify country risk. No investment idea.


Be sure to check out the rest of the presentations from the London Value Investor Conference.