The post-election drop in bond prices is pointing toward an end to the decades-old bull market in fixed income, says investor Bill Miller in a recent CNBC article.

The founder, chairman and CIO of Baltimore-based LMM says that the money leaving bonds will likely be channeled into the stock market. “The over-investment in bonds is going to switch somewhere,” he says, adding, “I think a large part is going to go to equities like it did in 2013.”

Miller views the surge in stocks precipitated by the Trump victory upset as “sensible” but argues that the equity bull market won’t go on forever. “It will last,” he says, “until it becomes too expensive relative to the alternatives.” He says that if rates move up over the next few years (assuming solid economic growth) and the stock market also continues to climb, “it’ll be pretty much over.”