We have witnessed events in financial markets over the last two decades that had never been seen before, e.g., negative interest rates on sovereign bonds; central banks flooding global economies with trillions of dollars of liquidity; investors buying bonds for growth and stocks for income. (Dogs and cats living together!) Are we at an inflection point in the history of financial markets, a turn away from 60/40 portfolio allocations? Or is this just a phase that will pass, with valuations / yields returning to the mean, as abusers of time series statics often say.