On Bison Insights, I write about overlooked and misunderstood oil and gas investments, focusing on securities where I think the market is mispricing the asset value or upside potential.
I’ve spent nearly two decades professionally investing in energy. Bison Insights provides a real-time look at how I analyze the market, identify opportunities, and update my views as the facts change.
My Investment Approach
I look for large gaps between market price and intrinsic value, often in smaller companies or securities that investors have overlooked or misunderstood.
My process starts with understanding the business, its assets, how it generates cash, and why the market may be valuing it incorrectly. I also speak with executives, industry specialists, investors, and others across the oil and gas value chain to pressure-test my conclusions.
I focus on a small number of high-conviction ideas where I think the market is missing something important. I explain each thesis clearly and continue updating it as the facts change.
I or funds I advise own the securities I write about, which I disclose. These ideas can be volatile and involve a real risk of loss, but I generally look for asymmetry, where the upside potential is much greater than the downside risk.
The Bison Insights composite tracker shows how the ideas have performed together since publication compared with the oil and gas sector and the broader market:
Example Idea: A High-Risk, High-Upside Warrant
One recent success case captures this approach was a set of warrants tied to a publicly traded energy services company.
On February 6, 2026, I published A High-Upside Potential, High-Risk Opportunity Levered to Oil and a Cyclical Recovery. The thesis was relatively straightforward: the company had high leverage to an offshore drilling recovery, its stock traded at a steep discount to replacement cost, and the warrants were a low-cost way to gain exposure to that recovery.
The thesis played out very positively over the subsequent period, resulting in substantial outperformance. On March 19, I exited the position, locking-in a 276% gain since publication:
This was an unusually successful outcome and shouldn’t be viewed as representative of what every idea will do. But it illustrates what I’m looking for and trying to share: an overlooked security where the potential payoff appears much larger than the market is pricing in.
Expert Interviews and Industry Access
As part of my research process, I regularly speak with the management of the companies I write about, including CEOs, CFOs, and other C-suite executives and sometimes other current / former employees of these companies.
Some of these conversations are shared directly through recorded interviews and live discussions, sometimes with subscriber Q&A. These expert interviews can be accessed here: Bison Insights Expert Interviews.
These conversations provide context that often doesn’t show up in a financial model or public filings. They help me understand management’s forward-looking capital-allocation priorities, operating conditions, industry constraints, and the risks that could challenge my thesis.
Macro Commentary
Oil and gas equities are affected by commodity prices, inventories, supply and demand, drilling activity, capital spending, infrastructure, and geopolitics. I regularly write about these broader forces and explain how they affect the specific securities I’m following.
For example, a recurring part of this work is tracking physical oil inventories. The Big Four inventory tracker combines U.S. crude oil, including the Strategic Petroleum Reserve, with gasoline, distillate, and jet fuel inventories. It helps show whether the physical data is confirming or challenging the prevailing market narrative:
I also share timely oil-market observations through articles, live discussions, and the Bison Insights chat, where I’m generally active on weekday mornings and share my real-time daily thoughts with paid subscribers.
What Subscribers Receive
Free subscribers receive high-level market insights, macro context, and an introduction to the types of oil and gas investment opportunities I’m tracking.
Paid subscribers receive the company and security names, thorough investment theses, supporting valuation and financial charts and tables, expert interviews, and regular updates.
Pro tier subscribers also access live in-depth idea and macro presentations monthly, with special Q&A sessions. This tier is oriented to larger oil & gas investors, industry executives, family office investors, and fund managers.
My hope is that the research helps you become a sharper and better-informed energy investor. My full, organized article directory can be found here: Bison Insights Article Directory.
If this is the type of research you find useful, I’d be glad to have you here. Subscribe to Bison Insights:
Praise for Bison Insights
FAQ
What do I get with the Free Tier?
The Free Tier includes access to the public portion of our newsletters. You’ll receive high-level market insights, macro context, and an introduction to the types of oil and gas opportunities Josh is tracking. To access the specific tickers and names of the securities covered, you’ll need to upgrade to the Premium or Pro Tier.
What’s included in the Premium Tier?
The Premium Tier ($100/month or $1000/year - the price may increase soon, sign up now!) provides full access to Josh’s monthly stock ideas. Each article includes the company name, detailed financial context, and the complete investment thesis. Additionally, occasional oil and gas macro insights and perspectives, including analysis key to specific investment theses, will be shared.
These are the same types of ideas that have contributed to Josh’s past success in energy investing, and Josh (or funds he advises) holds positions in most of the ideas currently slated for publication. Any positions will be fully disclosed.
What do I get with the Pro Tier?
The Pro Tier ($5,000/year) is designed for high-net-worth individuals, capital allocators, and professional investors. It includes:
Monthly webinars featuring Josh and occasional guest experts
Private Q&A sessions and interviews offering additional insight into market dynamics and specific investment ideas
How often is new content published?
We aim to publish one new stock idea per month, with weekly updates on existing ideas and energy market news.
How is this different from a typical investment newsletter?
Most investment newsletters offer a broad list of ideas with limited depth. Bison Insights takes a different approach by focusing each issue on one high-conviction opportunity uncovered through deep fundamental research. These are not surface-level picks, but thoroughly vetted ideas with real potential for asymmetric upside. They rely on decades of investment and energy industry experience, often benefiting from the perspectives of successful current and former industry executives and other experts.
Is this investment advice?
No. Bison Energy Insights is for informational purposes only. The content reflects our views and research but is not a recommendation to buy or sell any security. All investments carry risk, including the potential for total loss. This is not tailored to any individual and is only Josh’s opinion and general industry and market analysis and insights.
How do I subscribe or upgrade my plan?
You can subscribe or manage your plan directly here. If you have any questions, reach out to us at info@bisoninsights.info.
