The Paradigm Shift in Risk Asset Markets

The most recent paradigm for investing was and is that because the Fed cut rates to zero, you were really paid to take a lot of risk. The question is, are people going to migrate somewhat from tech stocks into other themes? If rates stay higher for longer or even if the Fed cuts rates, but keeps them relatively high, I don't think you're going to be paid to overweight tech like you were in the past. But we'll see, paradigm shifts aren't clear until they actually happen.