Jerry Castellini finds opportunity for investors in soaring commodity prices.
"You could have a $30 price break in oil, and you'd still be at $100," the president and chief investment officer of CastleArk Management told CNBC. "That has to tell you we're in a new era."
The commodity surge has profound implications for stocks -- and stockholders.
"If you look at the part of the S&P that is still trading at a big discount, it's all these areas that we talk about that are 'inflation plays,'" he said. "If commodity prices aren't going down again, all the valuations for those stocks and in those industries have to now rise towards the market."
Castellini is especially enthusiastic about energy exploration companies, and Southwestern Energy tops his list.
"Southwestern Energy...controls the Fayetteville shale development in Arkansas, which is one of the nascent but rapidly-growing basins for natural gas production," he explained. "Southwestern dominates this play today; they're ramping rigs, and we think they'll probably grow production 35 to 40 percent a year. That sounds like a growth stock to me."
He also likes XTO Energy in the exploration space.
"They're trading at very, very low multiples, compared to how fast they're growing," he said of the exploration companies.
In the related oil-services space, Castellini likes Nabors Industries.
"(It's) an example of a company that's trading at maybe six, seven times next year's earnings, and it probably needs to trade at 12 or 13 times," he said.
Outside of energy, he likes Emerson Electric.
"(It's) clearly a beneficiary of all these moves to efficiency worldwide," he said. "These names have just not yet moved in terms of valuation."