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 those investors still structurally underweight bonds need to put aside recency bias and "do something" now. - Rob Mead, PIMCO. Earn 0.25 CE/CPD hrs on Portfolio Construction Forum