The most important chart in markets, and it's not a stock chart.
US long bond yields, two centuries.
Read the cycle lengths: 56 years, 59 years, 67 years. Interest rates move in generational waves, and every yield peak in 200 years coincided with a secular commodity bull market top. 1981 was the last one.
Then 39 years of falling yields. The greatest bond bull in history, and the tailwind under every long-duration asset: growth multiples, software, the entire asset-light era. Falling yields were the wind. Tech was the sail.
2020 marked the low. Yields went negative in several countries: investors paying governments to hold their money, an absurdity nearly unknown in recorded rate history. Extremes like that don't get exceeded. They get reversed.
Here's the part almost nobody connects: oil bottomed in the same panic, in the same month. Two generational lows, struck together.
If yields have turned for a generation, the machine runs in reverse. What falling rates did for tech for 39 years, rising rates do for energy and hard assets next.
That's why higher yields aren't a threat to the oil bull case. They're the engine of it.
Full deep dive on the regime change: link below.