Hydrocarbon Cash Gushers: Low-Multiple Energy FCF

Burry Bear’s thesis

Energy is out of favor while AI and tech take the capital, yet the large producers and service names throw off high free cash flow at low EV/EBIT with strong balance sheets. No live North portfolio holds an oil and gas basket. The AI-trade fade and rotation out of high-beta names make cheap, cash-generating, unloved energy a sensible contrarian hedge. Downside is protected by asset value and dividends.