An investment chief overseeing $785 billion flags a risk to the stock market that's bigger than an economic recession — and lays out his top trades to combat it

The latter is not the biggest risk facing investors right now, according to Bianco. In fact, he predicts that the economy's expansion will last for a grand total of 12-15 years.

These include the very makeup of the economy, which is now dominated by service-oriented industries as opposed to manufacturing. Thanks to technological innovation, he said, the productivity and skillsets in key industries like healthcare, retail, and finance have steadily improved. With that established, he didn't have a similarly bullish outlook on earnings growth, and instead identified reasons why profits could soon be in recession.

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