Markets have been focused on the day-to-day drama in China's stock markets, but when it comes to the long game, the focus should be squarely on the United States and other developed markets, Brian Belski, chief investment strategist at BMO Capital Markets, said Wednesday.
"What we have to think about from an investing standpoint is the last 15 years was about [emerging markets], China, anything but America. The next 10 years, maybe 15 years, is going to be about American and developed market growth. Period," he told CNBC's "Squawk Box."
The market is currently in a reactionary stage, in which investors react to every little data point, he said. But they should focus on the overarching market themes of capacity and scarcity.
At present, there is still capacity in China, but what's scarce in the market is stability and consistency, Belski said. That can be found in developed market equities, and especially U.S. stocks.
As volatility increases in emerging markets and China, jobs, work and capacity will slowly return to the United States, he said.
"China has to work down its capacity in the next few years, just like America did, by the way, between '99 and 2009, during our lost decade, which, oh by the way, set us up to be fundamentally sound for the next 20 years, and I think that's what most investors are missing right now," he said.
Chris Hyzy, U.S. Trust chief investment officer, said from 2009 to 2014 U.S. equity returns rose above the 100-year average, but are now returning to those levels of roughly 7 to 8 percent.
"That to me is a good market. It's a lengthening bull market," he told "Squawk Box." He added that people were "scared to death" following the financial crisis, making it hard for them to return to equity risk culture.
Investors should stick with non-China investments, he said, noting that China is a "huge workout" due to massive economic restructuring and stock market manipulation.
"If you just kind of pull back a second and say, 'Where does risk adjusted capital go?', capital goes to the greatest risk-adjusted return regardless of what asset class it is."
Growth themes can be found in the United States, he said. They are reflected in health-care industry mergers and acquisitions and organic growth in the biotech sector.