A period exists in the public oil & gas space where an investor has the rare opportunity to own parts of companies that are:
1. managed by teams with proven track records
2. financially healthy
3. universally considered to own valuable assets
4. priced at a discount to what a private buyer is willing to pay
A depth of experience, 10,000 hours of lessons learned and a proven track record, Bison effectively identifies and invests in these existing opportunities in the public oil & gas space and has the constitution to absorb the mark to market volatility and harvest positions at a profit.
Bison identifies areas of the energy market where a dislocation exists- where there is an inefficiency in an otherwise efficient space and where other, more institutional-like investors, have turned their back.
Fundamental to Bison's investment approach are pricing and value.
Pricing: if the price is low enough to create a substantial margin of safety, then the security meets our criterion of investment.
Value: buying securities at discount to their value to a private owner leads to better returns.
An investor sees a crowded landscape in the energy space with enormous amounts of money chasing similar looking deals in the private space and household names in the public space, lacking the discipline to avoid a reaction to short term oil prices or stock prices.
Bison offers this investor a differentiated path to earn better returns in an energy investment by avoiding the crowd mentality and remaining focused on a company's balance sheet, management, and assets.
The bison will turn into a storm rather than drifting with it and, unlike other animals, navigate through it quicker.
In a storm, one tends to do what the other is doing and behavior becomes irrational. Bison Interests believes if you, as Rudyard Kipling puts it, can "keep your head when all about you are losing theirs...", you can achieve differentiated returns in the marketplace.
Bison identifies compelling investment opportunities when there is a dislocation in the energy market- a storm.