Some of tech’s biggest losers this year, including Elon Musk and Cathie Wood , haven’t exactly been poster children of successful investing lately. But, especially as tech stocks are starting to look pretty cheap, investors might want to heed at least some of their advice. Both Mr. Musk and Ms. Wood have publicly blamed rising interest rates for their assets’ poor performance. Ms. Wood published an open letter to the Federal Reserve back in October warning that the central bank’s hawkish stance raised the risks of a “deflationary bust.” Replying to an investor’s gripe in a tweet earlier this month over Tesla ‘s recent stock drop, Mr. Musk similarly called the Fed “the real problem.” As the return on risk-free Treasurys rises, he explained in another tweet, the value of owning more-risky equity assets drops.

---