#48 The Independent Thinker - Dave Iben on Contrarian Value, Commodities & Emerging Markets

#48 The Independent Thinker - Dave Iben on Contrarian Value, Commodities & Emerging Markets

Author: Stephen Clapham's Podcast on Value Investing | Stockmarket Analysis | Equities June 19, 2025 Duration: 1:02:58

Dave Iben is the founder and CIO of Kopernik GlobalInvestors, a $6bn global value investment shop which prides itself on independent thought and is comfortable with contrarian positions.

Steve invited Dave on the podcast because at a recent NewYork conference, Dave was cheerleading that value was back, and Steve wanted to discuss the rationale for his enthusiasm, given value’s massive underperformance in the last 15 years. Luckily Dave was spending the summer in London looking for cheap UK stocks, and they could record in person.


Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

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Stephen Clapham hosts Behind the Balance Sheet, a detailed conversation series that pulls back the curtain on how elite fund managers really think. Each episode is built on the premise that understanding a company requires digging far deeper than headlines or simple ratios. You’ll hear Clapham engage with celebrated investors such as John Armitage, Mario Gabelli, and Bill Nygren, dissecting their actual processes for evaluating businesses and spotting market inefficiencies. The discussions are technical and substantive, focusing on practical frameworks for forensic accounting, navigating capital cycles, and rigorous valuation. This isn’t about hot stock tips; it’s about the disciplined craft of equity research and risk management. The podcast serves as a continuing education for anyone-from dedicated private investors and students to working analysts and portfolio managers-who aims to sharpen their fundamental analysis and develop a more professional, critical investment mindset. Tune in for a masterclass in the principles of value investing, delivered through candid talks with the practitioners who have consistently generated alpha. You’ll come away with a clearer sense of the questions that need asking before any capital is committed.
Author: Language: English Episodes: 65

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