https://www.cnbc.com/video/2026/08/20/bison-interests-young-could-see-higher-oil-prices-but-lower-prices-at-the-pump-in-the-future.html

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I reiterated my bullish view on oil that I shared in this article in July, with oil prices up significantly since then:

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And I ran out of time before I could share my view on the coming buyout boom in Canadian oil & gas:

*Disclaimer: I and funds I advise own shares discussed and may buy or sell it at any time without further notice. There can be no assurance of return or accuracy of anything written. Any investment decision requires diligence and, if appropriate, an advisor should be consulted. I am not your advisor, and this is meant for general information and educational purposes and not as personalized investment advice. No personalized advice can or will be provided by Bison Insights. Past performance may not repeat itself. The views expressed here are solely my own and do not necessarily represent the opinions, strategies, or positions of any other person or organization.

That recovery now appears to be underway. The U.S. rig count has started rising as producers respond to higher oil prices:

If oil prices stay at current levels or move higher, the gradual recovery we’re seeing could turn into a much stronger oilfield services (OFS) upcycle. But not every OFS stock offers the same risk-reward.

In early June, I wrote about one highly leveraged OFS company that I chose to avoid because its interest expense and capital spending were consuming all of its cash flow, and the company needed a very strong cycle just to become financially healthy.

Since publication, the stock has badly underperformed the broader oilfield services index, as measured by the OIH Oil Services ETF:

Below, I provide an update on this company and identify four OFS stocks that I think are a better way to play the OFS recovery.

Disclaimer: This is for informational and educational purposes only. This is not an offer, solicitation, or investment recommendation. Please consult an advisor and do your own diligence. Past performance is not indicative of future results.

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EOG’s CEO highlighted Alberta’s Deep Basin and Duvernay and said that “there are a lot of Canadian juniors up there that have done a lot of work,” suggesting that both areas have become more attractive following years of additional development and delineation.

He added that EOG could potentially apply technologies they’ve developed in the U.S. to Canadian resources, and that the same type of resource “renaissance” EOG has seen elsewhere could extend into Alberta.

These comments highlight the increasing attractiveness of Canadian oil & gas, especially as U.S. shale inventory continues to deplete, and suggests that EOG is evaluating opportunities in Canada.

Dan Tsubouchi of Energy Tidbits, a widely followed Calgary-based industry analyst, publicly asked whether EOG might pursue a Canadian oil and gas acquisition and wrote that Yacob’s response “certainly makes that seem possible.”

One of North America’s best operators and biggest oil independents sees potential in Canadian resources - where junior producers have already spent years proving up the acreage. A large buyer could apply additional technology, capital, and operating scale to develop those assets more efficiently.

Meanwhile, many Canadian juniors still trade at steep discounts to their cash flows and reserve values. This presents a setup where an acquirer could pay shareholders a meaningful premium and still complete an accretive transaction.

In this article, I highlight three Canadian producers that I see as beneficiaries from increased acquisition activity by EOG or other companies looking to acquire Canadian assets.

Disclaimer: This is for informational and educational purposes only. This is not an offer, solicitation, or investment recommendation. Please consult an advisor and conduct your own diligence. Past performance may not repeat itself.

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So far, the Bison Insights composite index of these ideas has increased by 93% since publication, compared to 48% for the XOP benchmark and 24% for the S&P 500:

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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.

Many of the opportunities I find are in smaller companies, where I think individual investors have an advantage. The financial services industry downplays this advantage, because it isn’t the most profitable for banks, brokerage firms, and fund managers to encourage sub-scale investing. This enhances the opportunity, making it possible to outperform to the degree shown above - while not guaranteeing future performance.

Why Small-Cap Stocks Can Outperform

Fama and French are famous for their work on efficient markets, but few know that they found that smaller stocks historically outperformed larger ones over long periods. Jeremy Siegel made a similar observation in Stocks for the Long Run, while later research from AQR found that the small-cap premium became considerably stronger after controlling for low-quality companies.

This research is not well publicized, but it shows that small caps offer a particularly attractive opportunity set when combined with intelligent active selection, especially over longer time frames.

One key reason is that many small companies are simply too small to matter to large investment funds and brokerage firms. For these funds, spending significant time researching a company that can only become a tiny position, or publishing reports on companies that few people care about, isn’t worthwhile. Smaller investors don’t face the same constraint. A company can be too small for Wall Street to care about while still being large enough to materially affect our returns.

As a result, fewer investors may be closely following these companies, and new information can take longer to be reflected in their share prices. This creates opportunities for investors like me who are willing to do the work to identify strong businesses that the broader market is overlooking.

How Bison Insights Identifies Cheap Stocks That Become Winners

A low valuation by itself isn’t enough. I’m generally looking for companies where the stock is cheap and there is a clear path for intrinsic value to increase or for the market to recognize value that is already there.

The Bison Insights ideas that have worked best so far have fit into a few recurring themes:

Cash Flow Is Inflecting Higher

One of my favorite setups is a company whose current financial results look weak, but where the underlying business is beginning to improve.

This can happen when underutilized equipment goes back to work, a new project begins generating revenue, margins recover, or production starts growing. Because many investors and screening tools focus on trailing results, the stock can stay cheap even as future cash flow is improving rapidly.

The opportunity is enhanced when I identify that inflection before it becomes obvious in reported earnings.

Debt Paydown Increases Equity Value

Another setup I look for is a cheap company generating enough free cash flow to steadily reduce debt.

Under the Modigliani-Miller framework, if enterprise value stays constant, each dollar of debt repaid effectively shifts a dollar of value to the equity. This shift can have an especially large impact when the starting equity value is small relative to the debt load.

There can also be a second benefit: as leverage falls, the company becomes less risky, which can lead investors to assign it a higher valuation multiple, sending the stock price even higher in a non-linear manner.

The Market Is Missing Part of the Value

Sometimes a company is cheap because the market is focused on one part of the business while assigning little or no value to another asset that the company also owns.

The various ways to ‘win’ with these investments include the other asset beginning to generate cash, a transaction establishing what it’s worth, or a buyer acquiring the company at a premium.

The Key Differentiator Is Selectivity

Across each of these profiles, the common theme is the same: buying at a discount is only the starting point. I also want a reason (and ideally, several reasons) for intrinsic value to grow or for the valuation gap to eventually close.

Talking with company leaders and people in the industry helps me follow business conditions in real time. For example, I’ve interviewed a number of CEOs and other C-suite executives from the companies I’ve written about. These interviews provide me more information on the company, and they also show me whether management is capable and thinks like an owner.

The first year’s results suggest this process has worked. The composite didn’t rise just because small energy stocks did well, or because of the increase in oil prices. Bison Insights succeeded by finding value that the market had missed.

Looking Ahead

The full one-year review explains what drove each investment and where every thesis stands today.

The next year may not look like the first. But Wall Street still ignores many small companies. That should keep creating opportunities.

Paid subscribers receive the full research and regular updates. They can also hear directly from company leaders and join an active subscriber chat.

To celebrate the first anniversary of Bison Insights, I’m offering new paid subscribers 25% off for a limited time.

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Thank you to everyone who has read and subscribed over the past year. If you’d like to see the energy investment ideas I find most compelling and why I think they’re mispriced, consider upgrading to a paid subscription.

Disclaimer: This is for informational and educational purposes only. This is not an offer, solicitation, or investment recommendation. Please consult an advisor and do your own diligence. Investments incur risk of loss. Past performance is not indicative of future results.

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*Disclaimer: This is for informational and educational purposes only. This is not an offer, solicitation, or investment recommendation. Please consult an advisor and do your own diligence. Investments incur risk of loss. Past performance is not indicative of future results.

Since publication, Journey’s share price has increased by 79%, compared to 48% for the broader oil and gas market, as measured by the XOP Energy ETF:

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Journey’s share price outperformance has been accompanied by meaningful progress in both parts of my original thesis. There has also been some social-media speculation that Journey could be acquired by its joint venture partner:

I don’t know whether Journey or any potential buyer is discussing a transaction, and I have no view on whether one will happen in the near term.

But my investment thesis doesn’t depend on Journey being acquired - it rests on the value of the base business, as well as the development of their Duvernay and power generation assets.

Bison Insights Journey Thesis

At the time of publication of the “From Money Pit to Money Maker” thesis in October 2025, Journey’s existing oil and gas production supported much of the company’s market valuation. In fact, the year-end reserve value was considerably higher than what investors were paying for the entire company.

On top of that existing business, Journey owned two potentially extremely valuable assets that were contributing little to current financial results: its interest in the Duvernay joint venture and its power-generation projects.

Because those assets were either still consuming capital or early in development, the market appeared to assign them little value. As the projects would begin contributing cash flow, I thought the value of them would become apparent to the market and Journey’s stock price would increase.

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I think we’re still in the early innings of this value realization process, with lots of room to run as these two catalysts continue to progress. And today’s NAV estimate from Journey is above $14 per share, indicating potential increased upside.

Duvernay Development Is Accelerating

Journey owns a 30% interest in a Duvernay joint venture operated by Spartan Delta. The results of the wells drilled so far have been great and are improving:

The four most recent wells averaged approximately 1,115 boe/d over their first 30 days, with 84% liquids - very strong results. More wells are expected to come online later this year, which should drive further production growth and cash flow.

There is lots of inventory in Journey’s Duvernay, and Journey expects significantly more production from this play over time at highly attractive rates of return that will grow the NAV of the asset:

Gilby Power Has Begun Generating Revenue

The second part of the thesis is also finally moving in the right direction.

Journey spent years developing its Gilby power project. During that period, the project consumed cash without generating revenue, and repeated delays made it difficult for investors to assign much value to it.

This changed on June 24, 2026, when Gilby made its first power sales to the Alberta grid.

The power plant at Gilby has now moved from a cash drain into an operating asset that generates revenue. I highlighted this change in “Ahead of the Press Release” - at a time when it appeared in Journey’s corporate presentation but had not yet been press released. It helps to pay attention!

Gilby’s startup also makes Journey’s similar sized power project at Mazeppa more credible. Journey still has to complete and operate Mazeppa successfully, but bringing Gilby to first sales demonstrates that the broader power strategy is viable and working, albeit with delays and cost overruns.

Why There May Still Be More Upside

Journey’s share price has appreciated since my article about them in October. At C$5.43 per share, the valuation backstop from its existing production and reserves is less pronounced than it was at C$3.03.

However, the higher share price has also been accompanied by improving operations. Duvernay development is on pace and accelerating, and the wells continue to perform well. Gilby is now operating and selling power. And Mazeppa should provide another source of future cash flow.

In my view, the market still does not reflect the potential value of these assets as they move further into production and begin contributing more meaningfully to Journey’s financial results. And Journey’s market capitalization is still far from the $14.76/share NAV Journey cites in its recent corporate presentation.

While a premium buyout of Journey could accelerate a positive outcome for shareholders, as discussed publicly on social media by a prominent former fund manager and others, a buyout is not required for my Journey thesis to continue working.

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*Disclaimer: I and funds I advise own Journey stock and may buy or sell it at any time without further notice. There can be no assurance of return or accuracy of anything written. Any investment decision requires diligence and, if appropriate, an advisor should be consulted. I am not your advisor, and this is meant for general information and educational purposes and not as personalized investment advice. No personalized advice can or will be provided by Bison Insights. Past performance may not repeat itself. The views expressed here are solely my own and do not necessarily represent the opinions, strategies, or positions of any other person or organization.

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The shares have performed well since publication, and the repeatability of the new wells remains the center of the thesis. I recently spoke with the company’s CEO about the well results, its larger capital program and the outlook from here.

Disclaimer: I and funds I advise own shares in the company discussed and may buy or sell them at any time without further notice. This interview is for informational and educational purposes only and isn’t investment advice.

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In this article, I review each investment idea, including the original thesis, what has worked, and what hasn’t, and what may be coming next. In a follow-on article, I will explain the theory behind this: capitalizing on the big advantage of the small investor.

Disclaimer: This is for informational and educational purposes only. This is not an offer, solicitation, or investment recommendation. Please consult an advisor and do your own diligence. Investments incur risk of loss. Past performance is not indicative of future results.

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There is substantial upside in their shares if they were to just trade up to the peer average multiple. Company specific factors indicate potential above-average revenue and cash flow growth, which could mean further upside than this:

Because of this discount (and the even larger discount to replacement cost), I think these companies still have a lot more room to run - despite already rising substantially since initial Bison Insights publication:

These are two large positions and have contributed to the outperformance of the Bison Insights composite index versus oil & gas stocks and the broader market :

Disclaimer: This is for informational and educational purposes only. This is not an offer, solicitation, or investment recommendation. Please consult an advisor and do your own diligence. Investments incur risk of loss. Past performance is not indicative of future results.

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I referenced this recent analysis:

And I referenced this recent podcast interview, which I would encourage you to watch:

*Disclaimer: I own shares of these companies. This material is provided for informational and educational purposes only and is not intended to be a recommendation to buy or sell any security. Investing involves risk, including the potential for loss. Please conduct your own due diligence and consult a financial advisor before making any investment decisions.

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It didn’t. Instead, Iranian state media published a draft plan on Thursday that would ban U.S. and Israeli ships from the strait entirely, bar other nations from transiting until “compensation” is paid, and impose penalties equal to 20% of cargo value on violators. Iranian officials also warned that the route agreement being finalized with Oman will not fully reopen the strait. Oil rallied Thursday and Friday as the market digested yet another false dawn.

The flow data tells the same story. Here’s the latest tanker map from Bloomberg’s Javier Blas:

Source: Javier Blas / Bloomberg

Whatever gets signed, Iran retains control over how much oil moves through Hormuz - and it is using that control as leverage.

As this goes to publication Saturday morning, there are reports of attacks on vessels transiting through the Strait of Hormuz, including one verified by the UK’s Maritime Trade Operations (UKMTO), which obviously puts any “deal” at risk:

Meanwhile, U.S. petroleum inventories continued draining. This week’s EIA weekly report showed a surprise 2.5 million barrel commercial crude build, but the SPR drew another 2.8 million barrels to a fresh multi-decade low, gasoline fell 1.6 million barrels to 7% below the five-year average, and distillate fell 3.5 million barrels to 12% below the five-year average:

Inventory levels like these have historically been associated with much higher oil prices. The gap between the two is the market’s confidence that a Hormuz resolution is coming. As we are seeing this morning, this confidence in a deal may be misplaced:

In the meantime, the oil supply response to low inventories and supply risk remains modest. U.S. oil rigs rose by 3 to 454 this week per Baker Hughes, grinding higher for several weeks now, but producers are clearly not rushing to drill their way into a disruption that could resolve on a headline or Trump Truth Social post.

Where does this leave the oil market? Short term, headline-driven volatility in both directions as the Hormuz negotiations drag on. Medium term, the picture has not changed: ultra-low global inventories, an SPR with less capacity to cushion the next disruption, U.S. products well below normal, and Iran positioned to maintain control of Strait of Hormuz oil flows - and limit them - even under a deal. This all adds up to medium term higher prices, in my view, supported by inventory levels that alone would call for much higher prices.

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Net speculative positioning in oil futures markets shows something similar, with positioning near multi-decade lows despite low inventory levels, constrained supply, and active attacks on oil tankers happening right now. If speculators return to the oil futures market, or if shortages manifest, prices could rise rapidly like they did in March:

Even in the current depressed (dare I say suppressed?) oil price environment, I continue to find deeply discounted value in the sector, which I highlight here on Bison Insights. In particular, I’ve shared updates recently on a top idea at a large discount to peers, with high performing wells, an active buyback, and recent compelling tuck-in acquisitions. And updated well results are driving the share price higher of this discounted small cap oil & gas producer, which I flagged in the Bison Insights chat prior to Q2 earnings based on public data, and published an article confirming after earnings.

Bison Insights Portfolio Tracker

The tracker shows how the ideas have increased as a group over time, with each idea weighted at the time of publication based on its risk profile and my conviction level, translating the above single-idea performance into a composite:

My research process has been honed over nearly two decades of professional energy equity investing. Here on Bison Insights, I share my thoughts on energy markets and specific securities. These have mostly done very well so far since Bison Insights was launched, as you can see above. You can also see that I honestly and fairly represent these, including the inevitable poor performing ideas and difficult days and weeks that come hand in hand with the real-life performance of publicly traded securities. You can see more about this below.

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Recent Media

While I’ve been fortunate to appear on a number of podcasts and financial TV shows, I think this particular interview is worth watching if you haven’t yet. It is focused on my investment process and how it is substantially differentiated:

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*Disclaimer: I own shares of these companies. This material is provided for informational and educational purposes only and is not intended to be a recommendation to buy or sell any security. Investing involves risk, including the potential for loss. Please conduct your own due diligence and consult a financial advisor before making any investment decisions.

Many famous hedge fund managers and brilliant investors have been on Odds on Open. It was an honor to be featured on it, and I will admit a strong sense of impostor syndrome seeing myself on it and sharing this.

I am sharing this anyway, as the host Ethan asked fantastic questions, we explored aspects of my investment process that I may have never previously discussed, and perhaps there is an opportunity to “pay it forward” - perhaps something to share with others from what I’ve scraped together over years of challenges, hard work, and constant learning.

I am constantly searching for the next great investment idea, often listening to brilliant investors and fund managers on podcasts like this, hoping to glean something from them, and reading many books, articles and company reports. Perhaps there is something in here that may contribute to your own “latticework.” Enjoy!

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*Disclaimer: This is not an offer, solicitation or recommendation. There can be no assurance of accuracy of anything written or spoken. Any investment decision requires diligence and, if appropriate, an advisor should be consulted. I am not your advisor, and this is meant for general information and educational purposes and not as personalized investment advice. No personalized advice can or will be provided by me here on Bison Insights. Past performance may not repeat itself. The views expressed here are solely my own and do not necessarily represent the opinions, strategies, or positions of any other person or organization.

These were the latest in a long series of pauses, extensions and claimed diplomatic breakthroughs since the war began:

• March 23–26: Trump twice postponed attacks on Iran’s power grid, citing productive negotiations.

• April 7: Trump announced a two-week ceasefire to allow time for a proposed agreement.

• April 21: The ceasefire was extended indefinitely. Strikes resumed May 8.

• May 18: A major strike was held off because serious negotiations were reportedly underway. Strikes resumed by May 27.

• June 11: Trump canceled a threatened attack after claiming a negotiating breakthrough.

• June 17: The two sides signed an initial agreement and began a 60-day period to negotiate a final deal.

• July 27: Trump paused daily strikes to give diplomacy another chance.

• August 1: Trump canceled another planned attack after claiming that Middle Eastern allies had reached the parameters of a deal that would reopen the Strait.

Iran has repeatedly denied that it is negotiating with the United States. Foreign Ministry spokesperson Esmail Baghaei said that Tehran is talking only with Oman about a temporary route for safe navigation through the Strait. That said, Iran has denied negotiations in the past even while talks were underway, including shortly before the first MOU was signed.

This pattern of market-moving announcements strongly suggests that some of Trump’s comments are primarily intended to “jawbone” oil prices lower, and by doing so, push US stock and bond markets higher. Back in January, when oil prices were much lower, I highlighted how price suppression attempts like these have historically led to much higher prices in the medium to longer term, and that their recent effectiveness increased the odds of higher oil prices sooner than later:

Jawboning may not be the sole extent of the Trump administration’s willingness to intervene in oil markets. Over the weekend, the United States and Japan confirmed coordinated purchases of yen after the currency fell to a 40-year low in order to help support it. This interference is notable because average daily spot trading in the yen is approximately seven times the notional value of daily NYMEX WTI futures trading, suggesting that if government intervention can move a market as large as the Yen currency market, then they surely can do the same in the much smaller oil market.

I address evidence that the U.S. government is shorting oil futures below, but this Yen intervention does show the capacity and willingness to intervene directly - in a much larger market. Considering the large, ongoing inventory drawdowns yet the relatively low price of crude oil, and the clear focus of the Trump Administration on oil prices, it’s understandable why there is an increasingly widespread view that oil prices are being manipulated.

Below, I review oil market fundamentals and share my thoughts on government intervention in the oil market.

Disclaimer: This is for informational and educational purposes only. This isn’t an offer, solicitation or investment recommendation. Please consult an advisor and do your own diligence.

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Fully aware of these issues, I’m interested in this company now for the technical improvements they’re making in developing one of its key oil plays, and the potential for reversion to the average value of its comps, which is close to its third-party-assessed reserve value. Early results have been successful, though the market doesn’t appear to be taking notice yet. Continued execution could justify a higher valuation multiple and substantial share price upside:

They have released Q2 results, which came in above expectations, and another month of public well data. In this article, I’ll delve into the updates on each and what they imply for the thesis.

Disclaimer: This is for informational and educational purposes only. This is not an offer, solicitation, or investment recommendation. Please consult an advisor and do your own diligence. Past performance may not repeat itself.

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Commodity Culture is a top commodities podcast, with over 130,000 subscribers. Jesse Day hosts the podcast.

I interviewed Jesse here on Bison Insights in May of this year. Jesse shared what he has learned interviewing leading commodities experts, his thoughts on selecting commodities and producer equities, and his experience selecting a Bison Insights idea - which he bought and did very well with!

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*Disclaimer: I and funds I advise own shares discussed and may buy or sell it at any time without further notice. There can be no assurance of return or accuracy of anything written. Any investment decision requires diligence and, if appropriate, an advisor should be consulted. I am not your advisor, and this is meant for general information and educational purposes and not as personalized investment advice. No personalized advice can or will be provided by Bison Insights. Past performance may not repeat itself. The views expressed here are solely my own and do not necessarily represent the opinions, strategies, or positions of any other person or organization.

Bison Insights ideas have done very well versus energy stock ETFs like and versus the broader market . Past performance may not be indicative, but so far so good!

The table below shows the increase / (decrease) of each idea since I shared it, along with its initial and current weighting:

Paid subscribers can see the exact positions and my reasoning for the updated changes below. In short - great results have me “doubling up” on my two top ideas, and I’m simplifying two small “left tail risk hedge” ideas.

Disclaimer: This is for informational and educational purposes only. This is not an offer, solicitation, or investment recommendation. Please consult an advisor and do your own diligence. Investments incur risk of loss. Past performance is not indicative of future results.

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I referenced this article in the discussion:

*Disclaimer: This is for informational and educational purposes only. This is not an offer, solicitation, or investment recommendation. Please consult an advisor and do your own diligence. Past performance is not indicative of future results.

These are three are excellent oil companies, with different strengths. Tamarack has built significant scale in the Clearwater and used waterflooding to reduce declines and improve capital efficiency. Headwater has repeatedly turned inexpensive acreage into valuable new oilfield discoveries. Cardinal has combined low-decline conventional production with successful thermal development and a steady dividend.

I’ve followed all three closely, and I’ve made money owning shares in each of them at different points. Their strong outperformance has been well deserved:

When I look at these companies, one thing I find remarkable is that there is another company that would fit right in, very much resembling these three oil companies - but its stock trades at a large discount to them.

This Canadian oil producer has a similar oil weighting, comparable cash-flow margins, competitive development costs and a long reserve life:

The company also produces more oil than two of these companies and is pursuing many of the same strategies, including multilateral drilling and waterflood expansion. Yet the market continues to value it at a fraction of these peers.

This large discount was once easier to understand. The company had legitimate governance and capital-allocation problems that included large acquisitions that increased debt and diluted shareholders. Those decisions damaged investor confidence and caused its stock to underperform.

But the business has changed considerably over the past three years. Management has repeatedly exceeded production expectations, repaid debt, repurchased shares and improved the asset base through highly accretive bolt-on acquisitions.

These improvements led one leading investment bank to recently comment following another better-than-expected quarter:

“Overall, this is a solid quarter … We believe that posting better-than-expected quarters will start to earn more confidence in the story from the market and be a key factor in driving down the valuation discount relative to mid-sized peers.”

I agree. This company is increasingly operating like the higher-valued producers discussed in this article, and it is remarkably similar on key operating metrics - but the market is still valuing it based on its distant past.

In this article, I will explain some of the characteristics that make Tamarack, Headwater and Cardinal such strong businesses, why each may deserve the premium valuation the market is awarding it, and why this overlooked Bison Insights idea is much more similar to them than its current valuation suggests. The upside potential, even in a partial re-rating scenario, is enormous:

This is one of my largest holdings and is a top idea in the Bison Insights composite index, which has outperformed the ETF and the broader market since publication began one year ago:

Disclaimer: This is for informational and educational purposes only. This is not an offer, solicitation, or investment recommendation. Please consult an advisor and do your own diligence. Past performance is not indicative of future results.

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www.cnbc.com/video/2026/07/24/oil-to-hit-record-high-prices-may-be-too-low-with-current-risk.html

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For a more in-depth view, I shared this “buy signal” earlier this month, ahead of the 30% move higher in oil:

And I shared a live video presentation on one of my favorite ideas earlier this week, which is already up 10% and has enormous upside potential:

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*Disclaimer: I and funds I advise own shares discussed and may buy or sell it at any time without further notice. There can be no assurance of return or accuracy of anything written. Any investment decision requires diligence and, if appropriate, an advisor should be consulted. I am not your advisor, and this is meant for general information and educational purposes and not as personalized investment advice. No personalized advice can or will be provided by Bison Insights. Past performance may not repeat itself. The views expressed here are solely my own and do not necessarily represent the opinions, strategies, or positions of any other person or organization.

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