The collapse of global oil prices is a screaming buy signal for certain energy companies, according to Patrick O’Shaughnessy, portfolio manager, at O’Shaughnessy Asset Management who favors global energy giants Total S.A. (TOT) and Eni SpA (E). “This is a great example of oil doing terribly.” He also advises investors to look for opportunity in places like Europe “where the outlook is miserable.” Shares of both companies have lost 18% and 22% in the last three months.

Total S.A., headquartered in Paris, France and Eni SpA, based in Rome, Italy are both involved in the oil and gas business on a global level. Both companies also have a low price-to-earnings multiple of 10x to 11x and each boasts a generous dividend yield above 5%, attractive metrics for O’Shaughnessy. “What we have found is its actually the companies that are sending cash back to stakeholders that outperform the market.”

While the checklist for stock picking is more complicated than investing in a low-cost, simple index fund O’Shaughnessy believes his strategy can produce better returns if you have a strong stomach for market swings. He outlines it in his new book, Millennial Money: How Young Investors Can Build a Fortune.  He explained a little of his argument to Yahoo Finance saying, “for a subset of investors with the intestinal fortitude to stick with a value investing strategy, with a lot of discipline behind that strategy, out-performance is possible but its gotta be for the long-term.”

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