Commentary Archives

Corporate Bonds or Government Bonds – What should a risk-averse investor choose in a balanced portfolio?

The Corporate Bond Trifecta One of the most basic choices for investors when building a balanced portfolio is whether to invest in government bonds or corporate bonds1. Intuitively, the thought is government bonds are more appropriate…

Are US Bonds a Free Lunch for Canadian Investors?

Why would anyone invest in Government of Canada bonds when they could achieve greater yields by investing in the US Treasuries? Based on the US and Canada yield curves illustrated in Chart 1, investors could achieve…

Fulcra Commentary – Q1 2025

Trade Wars Dear Investors, In our January and February commentaries we began to discuss the growing risk of political change impacting the financial markets. We did not know the extent to which government policy uncertainty would…

Canso April 2025 Corporate Bond Newsletter

The Hour Between Dog and Wolf To illustrate the turmoil that has characterized the last three weeks, below we plot the daily movements in high yield credit spreads dating back to 1997. Of little surprise, on…

Canso April 2025 Market Observer

The Financial World Changed It is sad to think that no matter what we write about it, what happened in the first quarter of 2025 will bear no relevance to what’s happening now. The announcement of…

Patient Capital January 2025 Commentary

Tariffs were the overhanging issue in financial markets since President Trump’s election in November. In a process that can be described as unconventional and somewhat chaotic, tariffs were announced on February 1st, 2025, and then on…

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