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.

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