Steven A. Cohen, the billionaire founder of hedge fund SAC Capital Advisors LP, said last week’s selloff in commodity markets makes this a good time to buy stock in energy companies.Energy is “an interesting sector,” he said, speaking to a packed room with 1,750 seating capacity. “I think that energy stocks are discounting oil prices much lower than where we are trading today.”Cohen, who handles about 10 percent of the roughly $35 billion the Stamford, Connecticut-based firm trades, including leverage that magnifies SACSACSAC Capital’s $13 billion in assets under management, said he has started doing more macro trading in his portfolio, known as the “Cohen Account.” The macro strategy accounts for about 20 percent of the money he manages, he said.

Jamie Dinan, founder of $17 billion hedge fund York Capital Management LP, said he is bearish on financials. “The amount of capital banks will be required to hold, in addition to changing so many of their money making activities,” including spinning out their proprietary trading desks, will have a negative impact, he said. “ROROE is going down and there is nothing they can do.”