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Energy Stocks Remain Undervalued, Says World’s Best Performing Hedge Fund Manager | Josh Young
Forward Guidance
The Role of Shareholder Discipline in the Oil Bull Market
The oil bull market started in 2001. It didn't start in 2009. And that's important because what we saw with that bull market was the ramp up of oil and gas private equity. There were huge inflows, some of which were through the public markets, but a lot of it was private capital. The world is very different. There's much less capital available. And it gets awarded with a much higher return because of that scarcity. We managed to survive through that and not destroy capital. So here we are in the backside of it.
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