Most investors are taught a simple rule: when stocks fall, bonds should cushion the loss. And when both become uncertain, gold should provide protection. But what happens when all three fall at the same time? That is exactly what we as investors experienced recently. Brent crude surged to around US$109 per barrel. The US 10-year Treasury yield approached 5%. Equities declined, bond prices fell, and gold ended the week lower despite escalating geopolitical tensions. This was not simply bad luck. The same force was hitting every asset: inflation. Higher oil prices raised fears that inflation could return. Bond yields rose, pushing bond prices down. Higher interest rates placed pressure on stock valuations. Even gold struggled because investors could earn close to 5% from interest-paying assets. So, is diversification no longer working? Or have investors misunderstood what being diversified really means? This has already happened this year The recent decline was not the first time stocks, bonds and gold moved down together....