The high prices and low yields of long-dated government bonds would only be worthwhile if the economy was in depression and investors should get out of the assets now, Robin Griffiths, technical strategist at Cazenove Capital, told CNBC Monday.
"Our major call starting about now is we would sell all long-dated government bonds," Griffiths said.
"We think the stampede into government bonds has gone far enough and that really the only way it will be right to buy bonds at these levels, at the long end, is if the world goes into a depression as opposed to a dramatically cooled down economic situation," he said.
U.S. investors have been piling into long-dated bonds as the economic outlook remains uncertain, but that trend is due for a reversal, according to Griffiths.
His view is in contrast to that of another strategist, who told CNBC Friday that there is a structural bull market in bonds because the Federal Reserve and other central banks have kept interest rates artificially low.
Investors looking for an alternative to low-yielding government bonds could buy stocks with strong dividends, Griffiths said.
German and UK stock markets would provide a good backdrop for dividend stocks, according to Griffiths. Germany because of its strong export industries and the UK because of its exposure to emerging markets, he added.
Meanwhile, the dollar index will only start to see gains after its major declines if investors de-risk their portfolios by selling stocks, he said.
"The dollar index has fallen 14 percent in the last two months, which for any currency — let alone the world's biggest — is a major move," he said.
"At the moment, the dollar is falling quicker than equities can rise and there's no sign of a reversal just yet," he added.