The Capstone Student Investment Conference 2026 is an event that aims to connect students, professors, and investors. In panels, the students get a chance to discuss the newest trends in finance and investing and to learn from real experiences.
David Iben is a founder of Kopernik Global Investment and one of the names in this year’s speaker roster. One of Iben’s talking points in the event was about going against the wisdom of the crowd. Also, he discussed the current state of value investing and the positives of active investing.
The Passive Investing Trap
What Iben finds surprising in today’s investing world is the number of passive investors. The current narrative is preaching the efficiency of passive investing. However, for a passive approach to work, it needs to be conducted by rational people who can make the markets efficient. Iben witnessed through his career that the more investors try to make the market more efficient, the more difficult it becomes to achieve.
In the late 1990s, the indexes performed better than the market. People used this to back the passive way as a superior to active investing. Quickly, the tides turned, indexes became too expensive, and the next decade was the best time to be a value investor.
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