Billionaire investor Marc Lasry told CNBC on Friday he sees opportunity in energy stocks, given the recent pullback on plunging oil prices.
"A number of equities have gotten hit anywhere between 25 to 50 percent because prices have come in so much on the oil side," he said. "The equities of these companies are trading pretty cheaply."
Lasry is the founder, chairman, and CEO of Avenue Capital, an investment firm with $14 billion in assets under management. While Lasry is mainly focusing on buying distressed debt of companies, he said in a "Squawk Box" interview that energy stocks are now a good bet.
"From a macro standpoint you want to be in energy. The U.S. is going to be energy sufficient," he continued, saying in the long term he'd consider the sector a buy. "Over the course of the next two, three or four years, [investors] are going to end up doing well." While refusing to name names because of compliance restrictions, he did say the energy players he would buy must be sound from a credit standpoint.
Admittedly, Lasry said individual investors can't really play in his arena. "What we try to do is buy the debt at a discount," he said, anywhere from 60 to 70 cents on the dollar. But he often converts the debt into equity in the company.