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Specifically, Castellini is putting his money into the energy sector.
"We're taking a 20 percent oil price decline and turning it into 40 percent stock declines," he said. "That's very inconsistent historically."
EOG Resources, down 35 percent in the last three months, has "ridiculously low valuations" yet has the most competitive oil production economics, Castellini said.
He called it "best in class in several of the several major shale basins in this country." Even if oil settles at $75 or $85 a barrel, Castellini thinks this is still an "incredibly profitable" investment.
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He also likes NXP Semiconductors and JPMorgan Chase.
Michael Cuggino, president and portfolio manager of Permanent Portfolio Funds, also sees value in the energy sector, but noted there are some reasons he believed it sold off.
That would be "the stronger dollar, the divergence between the U.S. central bank and the other central banks around the world, and potentially slowing worldwide growth, which eats into demand," he said. "So while they're good values, there may be a reason why they're trading much lower than the sort-of broader market."
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He also likes "traditional growth areas" like tech, financial services and transports.
Disclosure: Castle ArkManagement owns EOG and NXP in funds.
—CNBC'S Kate Gibson contributed to this report.