The world has undergone a structural shift from the prior lower for longer regime to an environment of higher (but falling) inflation, higher volatility, and significantly higher interest rates. A shift of this magnitude demands an asset allocation response from investors, and looking in the rear-view mirror for directions is misguided. Instead, investors must consider which assets repriced first to reflect this new regime and which are still playing catch up. At a time when “you can do anything”, there are meaningful implications and opportunities for portfolio rebalancing and th...