While the markets have been obsessing about whether the Fed will or will not raise interest rates, one investment manager says the more interesting story is that stocks have room to run a lot higher. David Waddell, President and CEO of Waddell & Associates, doesn't believe the market has factored in the prospect of better earnings next year. He thinks the Fed is on hold for now, and that risk is the new safety. Waddell likes technology stocks, small caps, and emerging markets. TheStreet's Rhonda Schaffler has details from Wall Street.

More from Video

This Wall Street Strategist Has Never Wavered From a 3,000 2018 S&P 500 Target

This Wall Street Strategist Has Never Wavered From a 3,000 2018 S&P 500 Target

Why You Should do Your Homework Before Investing in Closed-End Funds

Why You Should do Your Homework Before Investing in Closed-End Funds

Is the Fed Still on its Rate Hiking Path?

Is the Fed Still on its Rate Hiking Path?

Volume is the Weapon of the Bulls, Reminds Wall St. Legend

Volume is the Weapon of the Bulls, Reminds Wall St. Legend

We Need More Women in the Middle Before They Can Rise to the Top

We Need More Women in the Middle Before They Can Rise to the Top