PODCAST: One-On-One with Joe Calhoun

"We tend to always look at the things are out of favor and try to figure out when we can buy them. These are things that we're looking at that we think things will change eventually, but they're not there yet. I think when you look at energy, for instance, a lot of these energies stocks, some of the major oils these things are trading at prices that they were trading at in 2009, they are extraordinarily cheap. And I think it really boils down to when are you going to see something in the oil market and make these things more valuable.

And on that note, by the way, I would just say I think people may be missing something on this shale revolution, whatever you want to call it. I think that we may be winding down there and may have reached kind of some limits on drilling technology. We know that the profile of these wells, that they run off pretty quickly once they get up and going. And I wonder if we don't get to some point where the number of rigs continues to fall and eventually you get into a point where the economy and global economies may be better than people expect. You get kind of sturgeon a little price."