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Josh Young — research hub

Founder & CIO of Bison Interests — a value-oriented oil & gas equity investor; energy-supply, geopolitics-of-oil and contrarian E&P analysis, with a running synthesis and per-appearance breakdowns.
Sections: stock index · overall thesis · the product · appearances. Last updated 2026-SEP-09.

Stock & name index

▲ Positive

TickerNameCurrent thesisResearchSeen inTotal $k
Cdn drilling-rig co.Unnamed Canadian-headquartered drilling-rig company (his disclosed Venezuela exposure — never named in the interview)His only disclosed Venezuela exposure — an unnamed, publicly traded Canadian-headquartered drilling-rig company run by a well-known billionaire, the only operator actually running rigs in Venezuela (two, possibly three by year-end). Held as a win-either-way position: he doubts the advertised 50-rig migration, but if it happens the North American rig market tightens sharply.2026-SEP-09
Crude oilCrude oil (the commodity)Structural shortage call: ~10% reserve replacement ("burning the furniture") against a 7–10% depletion rate and 40+ years of ≥1%/yr demand growth, while a $60s–70s forward curve sits below the $70–90 marginal replacement barrel — so the barrel needed to stay flat never gets drilled and the shortage clears through demand destruction. Exit signal is consensus bullishness: the curve flipping from backwardation into contango.2026-SEP-09

► Neutral / referenced

TickerNameCurrent thesisResearchSeen inTotal $k
CVXChevronNo stock view — named only as the other half of what the large-cap energy ETF is.QT · SA · STK · FA2026-SEP-09
PSCEInvesco S&P SmallCap Energy ETFBenchmark only — the small-cap energy producer ETF (spoken as "PSE"), down close to 60% since his May 2015 launch. Cited as evidence that in a hollowed-out sector the passive basket is precisely what you don't want to own.SA · STK · FA2026-SEP-09
TTETotalEnergiesSpeculative aside, not a recommendation — floated as the kind of non-US major that might still accept Venezuelan expropriation risk now that "the US is out of that business."QT · SA · STK · FA2026-SEP-09
XLEEnergy Select Sector SPDR ETFBenchmark only — the large-cap energy ETF, "mostly just Exxon and Chevron," up ~20% since May 2015.SA · STK2026-SEP-09
XOMExxonMobilNo stock view — named as most of what XLE actually is, and on Venezuela reparations: its CEO asked whether expropriated US oil companies get their money back and "got smacked by Trump." Young treats unpaid reparations as a precondition for any real Venezuelan investment.QT · SA · STK · FA2026-SEP-0915
XOPSPDR S&P Oil & Gas Exploration & Production ETFBenchmark only — one of the passive oil & gas ETFs his small-cap fund is built to beat; no view on the fund itself.SA · STK2026-SEP-090.6

▼ Negative

TickerNameCurrent thesisResearchSeen inTotal $k
US refinersRefiners (sector — no individual name given)Negative on refining margins as a borrowed, geopolitical dislocation rather than a real capacity shortage — struck Russian refineries, China's halt on product exports and deferred North American turnarounds. Expects normalization after the US election (oil to $110 while diesel falls ~$200 → ~$150). Expressed as a small put hedge, never a short.2026-SEP-09

Overall thesis

In one line: A contrarian small-cap oil & gas equity investor whose bull case rests on cost-curve arithmetic, not headlines — a ~10% reserve-replacement rate against a 7–10% depletion rate and 40+ years of relentless demand growth, with a forward curve far below the $70–90 marginal barrel needed just to hold production flat — while a second, separable layer of political price suppression (SPR releases, jawboning, non-sticking "deals") holds the headline price below what the physical market implies and, he argues, invites the very escalation that ends it.

The product

Grounded only in what Young says in the archived appearances — chiefly the unusually explicit self-description opening 2026-SEP-09 (VRIC Media) and its closing segment.

What it is: two separate things under one name. Bison Interests (bisoninterests.com) is his day job — an investment fund launched in May 2015 focused on small-cap publicly traded oil and gas equities, a niche he says has gone from ~150 competing firms fifteen years ago to "probably fewer than five," with none he can find still focused on small caps. Bison Insights (bisoninsights.info) is a paid newsletter he started "a little more than a year ago" — stock ideas he is himself invested in, plus macro analysis and supporting data. He leads with disclaimers rather than a pitch: "this isn't a solicitation," "it shouldn't be relied on," "past performance may not be indicative."
OfferingWhat it isHow he runs itSeen in the index
Bison Interests (the fund)A small-cap oil & gas public-equity fund, launched May 2015 — an 11-year record he volunteers unprompted so listeners can grade his macro views.Find undervalued names that also have "growth catalysts or their wells would be better," then tilt the oil-vs-gas and upstream-vs-midstream exposure to express the macro view. Graded against the passive alternatives, not against peers.Not disclosed name by name on air — the index carries only the categories and benchmarks he mentions.
Bison Insights (the newsletter)A paywalled publication started ~mid-2025: "a number of different stock ideas of things that I've been investing in that I find interesting as well as macro analysis and data to support various specific macro views."Written frequently; the macro work is the same material he presents publicly (the reserve-replacement, depletion and forward-curve arithmetic), with the data behind it.Its stock ideas are behind the paywall and are not archived here.
Public appearancesFree interviews (CNBC International, VRIC Media) where the macro framework is given in full but individual holdings generally are not.Positions are described by category — small-cap producers, "a drilling rig company that's actually a Canadian headquartered one," "puts on refiners" — deliberately without names.The archived pages here.

Appearances

One dated page per appearance — each has its stock/name table, talking points, and the saved transcript. Newest first.

DateTitle / analysis pageShowWatchTranscriptActionable insights
2026-SEP-09Oil Is Heading for a Massive Shortage — And MUCH Higher PricesVRIC Media▶ YouTubetranscriptinsights
2026-JUN-11The oil markets are 'sleepwalking' while the Trump administration manipulates the narrativeCNBC International▶ YouTubetranscriptinsights

To process — backlog

Appearances not yet processed — newest first. None queued.


For personal study — not investment advice. Source material © the respective research provider.