Josh Young is the founder and chief investment officer of Bison Interests, an energy investment fund whose returns since October 2020 are ranked #1 in the HFM database. Young argues that, despite the phenomenal performance of the energy sector over the past 18 months, there are upstream producers that remain extremely undervalued relative to their current cash flows.

Young explains why he thinks many of the major oil companies are “burning capital” and why he prefers smaller producers that are not on the radar of many investors flooding into the space. He shares his views on ESG, divestment, and the idea of a “carbon bubble.”

This conversation is not investment advice.

Filmed on May 27, 2022.

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Today’s episode is sponsored by Jack Farley, the host of Forward Guidance. If you would like to get in touch with Jack to potentially become a sponsor of Forward Guidance, you can email him at jack@blockworks.co. Serious inquiries only, please.

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(00:00) Introduction

(00:10) Background

(01:01) Supply Constraints

(21:38) Is Energy Investing Just A Bet On The Price Of Oil?

(33:04) Risks To The Energy Trade

(56:14) Company-Specific Analysis

(1:17:14) Is There A Carbon Bubble?

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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Bill Turnbull, Anne Sutton, Norah Vincent, Drummie Zeb