Before a storm comes in, winds tend to pick up. Skies turn from clear and blue to dull and gray, as dark clouds begin to roll in. Thunder is heard from the distance, and lightening starts illuminating the sky. Animal intuitions collectively kick in, and herds of animals naturally begin to run from the storm. Not the bison.
When animals run from the storm, they rarely outrun it. Storms tend to travel more rapidly than the animals, so it catches up quickly and the animals are likely to be stuck in the bad weather even longer because they’re now running along with the intensity, still endeavoring to outrun it to serenity.
The bison’s unique reaction during a storm contrasts the instincts of the other animals. Instead of running away, the bison charges towards the storm. They recognize that by plowing through it, they get out of it faster, and minimize the amount of risk, time, and frustration other animals experience from trying to run away from the inevitable.
Like the bison in the story, Bison Interests faces into the storm. We focus on dislocations in the energy market and identify areas where a there is a disconnect between the share price of a company and its intrinsic value.
We focus on value and pricing. With the value measured, the price then must be proven to be low enough to create a substantial margin of safety, over a variety of market conditions.
With this strategy at the forefront of our investments, we own parts of companies that are universally considered to own valuable assets, financially healthy, and managed by teams with proven track records. And we typically own them at discounts to their peers and to their likely liquidation value.
Many of the producers we’re investing in today are buying back shares, paying down debt, paying out dividends, cutting operating costs and are growing, funded by free cash flow.
Our team is made up of leading experts in the oil and gas field, who employ a disciplined approach in finding and owning companies that meet our stringent criteria.
Managing Partner & Founder
Josh is a Co-Founder of Bison Interests and serves as its Chief Investment Officer, leading Bison’s research and investment process. He is focused on idea generation, investment strategy and portfolio construction. He is responsible for managing Bison’s outside advisers across geology, engineering, finance and management. Josh has over a decade of professional experience investing in publicly traded oil & gas stocks. He was previously Chairman of the board of Iron Bridge Resources, a publicly traded E&P. He led the reconstitution of the board and management there, $80 million in asset sales, and the sale of the company for $142 million. Prior to Bison, Josh was Portfolio Manager of Young Capital Management, a board member of Lucas Energy (LEI) – a small cap publicly traded oil producer, and an investment analyst at a multi-billion dollar, single family office, which was nominated as Institutional Investor’s Single Family Office of the Year. He has been profiled on the front page of Bloomberg.com and in Oil and Gas Investor Magazine, interviewed as an energy expert in broadcast media outlets like Fox News and Al Jazeera, quoted in publications including Barron’s and Reuters, and regularly speaks at industry events. Josh graduated with honors from the University of Chicago where he earned his Bachelor’s in economics.