Stocks have further to climb into year end, Ariel Investments Chairman and CEO John Rogers said on CNBC's "Fast Money" on Thursday.
"I think we're fairly valued," he said. "I'd say we're kind of in the fifth inning of this recovery, and the market still has a good ways to go as we get toward the end of the year."
With long- and intermediate-term interest rates were almost certainly to rise, the signals are clear. "You want to stay away from bonds," Rogers said.
"I think the biggest risk is missing out on a big upside rally that could surprise people," he added.
(Read more: Risk assets top US treasurys: JPMorgan's Loomis)