Owning a variety of asset classes means that some part of your portfolio will be doing well when the cyclical turmoil arises. A broadly diversified portfolio includes large capitalization stocks, small cap, emerging markets, fixed income, real estate and commodities.
If the Fed stops raising rates, the market will blame them if inflation gets too hot, and if they keep cranking up interest rates, then the real estate market is at risk. It's a somewhat challenging environment.