Real rates explain more market behavior than nominal yields when the inflation regime is unstable. Desk note: Nominal yields mix two stories together: the compensation for time and the compensation for inflation uncertainty. Real rates pull those apart. Why investors care: That separation is why growth assets can struggle even when headline inflation is falling: the discount rate that matters may still be climbing. Translate it into behavior: When real yields rise while long-duration equity narratives stay optimistic, valuation pressure usually arrives before sentiment accepts it. Where people usually get tripped up: A common shortcut is saying "rates up, stocks down" without asking which part of the rate move is actually doing the damage. Keep this nearby on the next review: On the next portfolio review, separate what feels urgent from what is structurally important. That is the kind of small conceptual habit that compounds into better decisions over time.