During a severe market shock, the correlation between equities and Treasuries suddenly flips from negative to positive, and both sell off simultaneously. What macro conditions cause this breakdown, and how would you construct a portfolio to survive this when traditional diversification fails?

在一次极端的市场震荡中，股票和国债的相关性突然从负转正，遭遇股债双杀。是什么样的宏观条件导致了这种相关性破裂？当传统的资产分散化失效时，你会如何重新构建组合来抵御这种尾部风险？