If central banks succeed in their attempt to "break the back of disinflation" then valuations for stocks such as Transurban and Sydney Airport are at risk, fund managers warn because they won't have the safety net of low interest rates behind them. Stocks in the style of Transurban and Sydney Airport are the biggest beneficiaries of record-low interest rates because their assets are worth more when lower discount rates are applied. However, this scenario might reverse if the world returns to normal inflationary conditions that demand a higher level of interest rates. "Anyone can work out 'high-quality business, low discount rate' is going to be very, very valuable. The problem I struggle with is again if I look back, if we've got the lowest interest rates in the history of the world, that's not a normal event – that's a very extreme event," Paul Moore, founder of PM CAPITAL, said at Livewire Live in Sydney on Tuesday.