Archit Shah, CIO at Zurich Kotak, warns that this isn’t just about yield. It’s about what you’re risking to get it. With RBI potentially hiking rates by 50-75 bps, and global yields rising, the ‘safe’ fixed-income bet isn’t so safe anymore. Investors are being fooled by the headline number; 7% looks great until you factor in inflation, currency swings, and global pressure. Shah suggests a smarter play: skip big duration bets for now. Focus on carry and roll-down strategies. Patience pays; wait for better margins of safety. The real lesson? Diversification isn’t just owning bonds, equities, gold. It’s managing risks within them; liquidity, duration, credit, currency. And right now, correlation risk is sneaking up on everyone. When oil spikes, inflation climbs, the rupee wobbles; your ‘diversified’ portfolio might move in lockstep. The takeaway? Don’t chase yield. Chase resilience. Protect your flexibility. Because in 2026, the market isn’t rewarding guesses; it’s rewarding preparedness.