End of Cheap Money and a Long Bull Market
Interest rates are skyrocketing up to 5% due to rising inflation. Borrowing costs have been falling for decades and Covid-19 has 'glued them to the floor' (The Economist).
Due to quantitative easing (QE) central banks went overdrive during the pandemic, using it to invest in safe assets such as governmental bonds which depressed yields. Investors turned to alternative assets and junk bonds soared. QE has stopped due to rising inflation.
Value Beats Growth
The end to long-term investing is due to the end of cheap money, forcing them to prefer immediate profits. Investors prefer value stocks over long-term horizon growth companies.