Oil and gas stock investor Joshua Young on $90 WTI oil, small cap oil and gas and shale | S07 E10
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We are live. This is Value After Hours, joined as always by my co host, Jake Taylor. I'm Tobias Carlisle. Our special guest today is Josh Young of Bison Interests. He's a founder and managing partner. It's an oil and gas public equity investor. How are you, Josh? I'm
good. How are you? Welcome.
Tell us a little bit about Bison Interests.
Sure. So we launched in 2015. The thought was that after the oil price crash in 2014, capital had fled the public markets and was being directed into the private markets in oil and gas. And I guess also sort of a broad private equity boom was going on there. And, so we thought we'd go buy some small caps at a low valuation and that, buying value with catalysts would yield outperformance over time. And so we were right about the outperformance relative to small caps and relative to oil and gas stocks. And we were wrong that oil and gas stocks would go up over the following decade. And so our be
So this is like the when your benchmark's down 70%, this is like the, what's that meme where the guy's, like, fighting the the third the third place, he's celebrating on the podium, but he's in third. Yeah.
Good, good performance relatively, and you're still, like, you know, massively lagging. And and the the reason to talk now and the reason that things are interesting is that historically, cyclicals underperform for parts of the cycle, and then they massively outperform. And there's sort of the broad cyclicals, and then there's sort of specific sort of niches. And oil is probably one of the biggest of those niches. And what historically happens is in almost every cycle, you have such extreme outperformance in the up part of the cycle that you lure in enough capital to be able to get over invest
Fair play to you for for surviving and sticking around and and staying the course. That's that that's, that's, you get a you get a gold star in my book for that. Actually,
I got better than a gold star. I'll show you. I got, to go to Vienna recently, and they gave me a, a little oil drum with a little I don't know which country it's from, but from OPEC. They, had me come out and meet with them. And, yeah. So that was that was pretty recent. Then, of course, they dumped oil on the market, like, right after. But
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