Much has been made about the so-called "great rotation" of capital from bonds into stocks. One fund manager with about $10 billion in assets under management has been actively making this trade for clients.
"Economic conditions have vastly improved since the lows of the recession, yet interest rates haven't moved much," said Richard Saperstein, CIO of Treasury Partners, on CNBC's "Squawk on the Street." "For clients, we've been reallocating assets out of bonds and into stocks."
Saperstein added: "Bonds are an extremely risky investment right now, given where the economy is and the potential rise in rates."