For four decades, falling interest rates did the work, and a generation of investors mistook the tailwind for skill. In 2022 the tide reversed, bonds suffered their worst year in modern memory, and the borrowed applause stopped. What remains is the thing fixed income was always for: income. Regime Change is the practitioner's case that higher-for-longer is structural, not cyclical, and that it is the best thing to happen to income investors in forty years. You do not need rates to fall. You need only to be paid to wait, and at last you are. The hare still runs on capital gains. The tortoise collects the carry, reinvests it, and lets it compound. This is a book about being the tortoise.
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