With the recent action in the stock and bond markets, investors are right to be a little bit concerned right now, Burns McKinney told CNBC on Friday.
"Stocks are a little bit expensive across every factor, whether it's price to sales, price to earnings … [or] market cap relative to the economy," the chief investment officer for Allianz NFJ Investment Group said in an interview with "Power Lunch."
"And it's not just that. Other markets are also showing a little caution."
For example, the 10-year Treasury yield has pulled in and the yield curve is getting flatter. Meanwhile, equities are "priced for complacency," he noted.
"Usually when there's a disagreement between what the bond markets are saying and what stocks are saying, typically the bond investors are right, and they seem to be showing concern."