The market has priced in an 80% probability of a Fed rate hike. U.S. Treasury yields are back in the 5% range. This means that once a rate hike is implemented, you'll see risk-free products with an annualized return of 5% popping up everywhere. At this point, who would even care about the meager dividends from dividend-paying assets? Who dares to chase tech stocks with valuations already through the roof? Not to mention gold, which generates no cash flow, or Bitcoin, which will have to step aside. A 5% risk-free return is like a ruler, measuring and exposing all assets that need "storytelling" to justify their value, stripping them back to their true form. Capital is the most honest player. Wherever there's a guaranteed 5%, that's where it will flow. And those assets propped up by expectations, faith, or bubbles will face the harshest bloodletting. Don't fight against risk-free yields. This is the simplest truth of the market.