Imagine there’s rising yields, it’s easy if you try. What would happen if longer bond yields rose to 4 or +5%? What would it do to your home value, your portfolio value? While not our base case scenario, this risk is higher now than it used to be. And given many portfolios are stocked with strategies that rode the benefits of declining yields over the past 40 years, this makes the risk even greater. If the trend in yields has truly changed, investors will have to become more creative in their portfolio construction, even use some imagination.