The end of a long bond bull market is not defined by one dramatic selloff. It is defined by duration. When a forty-year trend reverses, the important signal is how long the drawdown persists, not whether one week looks frightening.
Long-duration assets were rewarded by falling yields, abundant liquidity, and a market trained to buy every dip. That regime created habits as much as returns. When inflation, fiscal supply, or term premia change, the same portfolio can carry a very different risk.
The practical lesson is to measure exposure to duration honestly. A position does not need to be called a bond to behave like one. High-multiple equities, private growth assets, and long-dated projects can all depend on low discount rates. Risk management starts when the label is removed.