"I'm much more interested in the energy aspect of things in terms of their carting around of oil," said Gerstenhaber, one of the "Tiger Cubs" who worked with legendary hedge fund manager Julian Robertson of Tiger Management.
Among Gerstenhaber's other favorite places to put money are Apple, which he characterized as "still cheap," HCA Holdings and the Nikkei on a bet that Japan's economic stimulus will work.
"I'm very impressed with what's going on in Japan right now," he said. "I'm very impressed with what the central bank has done in terms of their move to stimulate monetary policy. They had taken advantage of the decline in oil prices to really step up the degree of monetary stimulus. And the likelihood is that they'll succeed in getting the economy out of its deflationary torpor."
Read MoreTrader likens Japan stimulus to Bear Stearns event
Gerstenhaber said that Haruhiko Kuroda, who heads the Bank of Japan, was "not an incrementalist" like his predecessor.
"He's going to do things in a big way, and he's determined to get inflation up. And he will continue to stimulate until he gets there," Gerstenhaber said. "And that's very positive for the stock market."
Disclosure: Argonaut Capital has positions in American Airlines, Apple, Canadian Pacific, Delta and HCA.