Know Your Risk Podcast Josh Young of Bison Interests on the Oil Market
Mar 5, 2026
Josh Young, founder and portfolio manager of Bison Interests and author of Bison Insights, shares his oil-market expertise. He discusses geopolitical risks in the Middle East, how marginal barrels set prices, and why passive flows created opportunities for active investors. He outlines potential supply shocks, refinery vs. crude impacts, and where he sees convex investment opportunities in land rig and Canadian equities.
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Why Josh Started Bison Interests In 2015
- Josh launched Bison Interests in 2015 after finding energy ETFs full of low-quality holdings.
- He started with personal capital, pursued allocators, and since launch has delivered about 141% net return versus major ETF drawdowns.
Prioritize Duration And Active Stock Selection
- Favor duration and stock-picking over market timing during volatility.
- Josh stresses long-term value, active engagement in companies, and avoiding short-term trading around geopolitical events.
Middle East Instability Magnifies Oil Supply Risk
- Political instability in Middle Eastern regimes creates outsized oil supply risk beyond tanker attacks.
- Josh points to historical collapses (Iran, Iraq, Syria, Libya) where production fell sharply during revolutions and wars.