The world will not go back to what it was before inflation hit, or before the pandemic, or even before the Trump administration. Rising interest rates change everything; they are the gravitational pull of the market. Global society has changed too, and investment themes that Wall Street relied and thrived on over the past decade are being washed out. Many of the rules that young Wall Street just learned about how the markets react to events have to be thrown out the window.
Some investors on the Street are now tut-tutting their younger counterparts, basking in the chance to act wiser than the generations on the verge of usurping them. These older investors say they've seen something like this before, back in the 1970s: There was double-digit inflation and an energy crisis .
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