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

Page: https://stenobird.com/podcast/behind-the-balance-sheet-4149344/48-the-independent-thinker-dave-iben-on-contrarian-value-commodities-emerging-markets
Text version: https://stenobird.com/podcast/behind-the-balance-sheet-4149344/48-the-independent-thinker-dave-iben-on-contrarian-value-commodities-emerging-markets.md
Podcast: [Behind the Balance Sheet](https://stenobird.com/podcast/behind-the-balance-sheet-4149344)
Published: 2025-06-19T03:18:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/stephen-clapham1/episodes/48-The-Independent-Thinker---Dave-Iben-on-Contrarian-Value--Commodities--Emerging-Markets-e34c6m8
Audio file: https://anchor.fm/s/5f616d54/podcast/play/104257672/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2025-5-17%2F402321380-44100-2-f7ba99d955248.m4a
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Duration seconds: 3778

## Resource

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 . If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

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## Transcript

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