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'Oracle of Tampa’ shares top stock play

The increase in U.S. energy production means one stock is poised for growth, Jay Bowen of Bowen, Hanes & Co. said Tuesday.

"We've gone in this country from a standing start to now, annually, transporting 300,000 tank cars a year by rail," he said. "I think that trend's going to continue."

On CNBC's "Fast Money," Bowen said that rail car manufacturer Greenbrier would benefit, as well as suppliers to energy services companies.

Bowen also cast Caterpillar and BHP Billiton as plays linked to improvement in China's economy.

"You want to buy these companies, particularly the miners, in the teeth of global slowdown, when they're streamlining and downsizing and relentlessly cutting costs, getting ready for the next upcycle," he said. "That's what BHP has been doing."

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Bowen, whose $1.6 billion firefighter and police fund based in Tampa, Fla., earned him the nickname, "The Oracle of Tampa," from The Wall Street Journal earlier this year, also said that his company was focused on monetary policy.

"I think the Fed is going to be this at much longer than some people suspect," he said. "These two informal targets that they've thrown out – 6 ½ percent on unemployment and 2 percent on inflation – for both of those targets to come together, I think that's years away."

Bowen noted one employment metric within his view.

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"The reason I say that is that if unemployment situation starts to improve a little bit, the labor force participation rate is going to increase," he added. "We're at historic lows now. Just to put it in perspective, if the labor force participation rate today were where it was in the year 2000, the unemployment rate would be 12½ percent."

Bowen also drew a distinction between the Federal Reserve's asset purchases and interest rates.

"I think it's very important to differentiate between the tapering, which is going to commence, and the zero-interest-rate policy, which I think is going to remain in place for a couple of years, meaning that the yield curve is going to steepen, which I think looking out is very good for the financial markets and the economy," he said.

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