About this episode
We’re branching out for this episode. Today, it’s all about energy.
As metals markets have moved violently higher across the board, we called on Josh Young to hear his take on where we are in the energy cycle. We’re hunting for potential value.
Josh unpacks with us:
• The “oil glut” narrative
• Why funds are max bearish
• What’s next for shale
• Why people get China wrong
• Which stocks are showing the most value
• The companies that are over valued
This was recorded on 12.2.2026.
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TIMESTAMPS
(0:00) Introduction and Energy Market Overview
(3:50) Supply and Demand Fundamentals
(7:00) Capital Starvation Cycle
(12:00) Shale Innovation and Decline Rates
(17:50) Demand Growth and China
(25:40) US Shale Production Outlook
(30:00) Oil Majors Valuation
(35:20) Services Sector Opportunities
(38:20) Cost Curves and Breakevens
(39:50) Royalty Companies Analysis
(45:30) Geographic Valuation Differences
(50:00) Geopolitical Risk and Iran
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