How a top stock-picker's investing now

How does a top stock picker approach investing in the current climate?

Chuck Bath, who was named to Morningstar's "Ultimate Stock Picker" list, spoke with CNBC's "Fast Money" this week.

While earnings were good in the second quarter, Bath noted that growth was slowing.

That meant that the market would probably see another earnings season where earnings growth are "OK, but nobody is blowing things away because profit margins are at all-time highs," he said in a recent interview.

"If you take a long term thesis, say five years, you know the Fed has to stop tapering between now and then, so how you invest isn't overly subject to whether its September or December," Bath added. "And that's how I look at investing."

(Read more: 'Ultimate stock picker' selects top plays)

Bath added that investors shouldn't expect equities to return 20 percent but instead a "mid- to high-single-digit return."

"If earnings don't collapse and growth remains steady but slow in the near-term, stocks will go up," he added.

Tune in to "Halftime Report" on Friday to hear what stocks he's buying now.

Reported by CNBC's Katie Young. Follow her on Twitter: @KatieCNBC.