STORY: Over the next five to seven years, Konstantinos predicts "more modest returns" for U.S. equities than the recent bull market has produced.
While there is still "more upside" to stocks in the "near to intermediate term," he believes "we're getting closer to that precipice" of a potential shift in investors' portfolios toward more fixed income investments.
With the Federal Reserve having raised interest rates, the "relative valuation" of stocks and bonds is "becoming more in line with one another," Konstantinos said.