Earnings will drive market, and they're expected to grow 13% to 14% next year, expert says

Everyone is focusing on the election right now, but they're missing a positive story for the market: a recovery in earnings, investment expert Andrew Slimmon told CNBC Thursday.

In fact, he's predicting 13 to 14 percent earnings growth in 2017.

"You don't have to be a math whiz to figure out that earnings are going to turn up next year, because the areas of the market that were weak from an earnings standpoint are year-over-year turning positive next year," the senior portfolio manager for Morgan Stanley Investment Management told " Power Lunch ."

Slimmon believes oil and energy earnings will help push growth higher. While energy earnings are expected to be $4 a share this year, they should go to $16 a share next year, he said.

He also sees upside in tech and financials.

While he had been negative on financials, he said it is getting to the point where there are questions about whether low interest rates are helping the economy. And when the Federal Reserve hikes rates, it will be good for banks.

However, right now some investors are making a mistake, Slimmon said.

"Because the market hasn't done much until just recently, everyone is overpaying for dividend and safety and no one is really paying for the return upside."

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