Kopernik Global Investors' Corcoran on Markets

The video discusses the potential of investing in emerging markets, highlighting their underperformance over the past two decades as an opportunity due to low expectations and pricing. It emphasizes a long-term investment strategy, using volatility as an opportunity. The video also covers specific investment cases like Newcrest Mining, which is undervalued despite positive gold market conditions, and Korea Telecom, which offers a cheaper alternative to U.S. telecom stocks.

Why are emerging markets considered attractive despite their underperformance over the past two decades?

• They are priced for perfection.

• They have consistently outperformed the S&P 500.

• They have high expectations baked into their prices.

• They offer high-quality franchises at lower prices.

What is the significance of volatility in investment according to the transcript?

• Volatility is always a risk to avoid.

• Volatility can be an opportunity for active investors.

• Volatility is irrelevant in long-term investments.

• Volatility leads to guaranteed losses.

What is the primary reason for investing in Newcrest according to the transcript?

• Its potential for earnings growth.

• Its high dividend yield.

• Its recent market performance.

• Its current high stock price.

How is Korea Telecom compared to its U.S. counterparts in the transcript?

• It has higher margins than Verizon.

• It is more expensive per subscriber.

• It is cheaper per subscriber and has lower margins.

• It is trading at a higher earnings multiple.

What is the expected outcome if Korea Telecom achieves global telecom margins?

• The stock will remain stable.

• The stock will decrease in value.

• The stock will increase three to four times.

• The stock will be delisted.