Across global financial markets, a quiet but consequential reckoning is underway: bond yields are approaching levels unseen in two decades, carried upward by rising oil prices and shifting expectations about the cost of money. The 10-year Treasury yield, now brushing past 4.8%, sits at the edge of a threshold — 5% — that carries both symbolic and structural weight for how capital is allocated around the world. For a generation of investors who have never navigated this terrain, the moment is at once a warning and an invitation, a reminder that markets move in long cycles and that what feels un