Fulcra Asset Management Archives

Fulcra Commentary – November 2023

The bond Bear The weekends after the end of Q3, the bear market in US Treasury long duration bonds surpassed the cumulative peak-to-trough declines in the S&P 500 index during the 2008-2009 financial crisis. While it…

Fulcra Commentary – April 2023

Sublime Comparing yields of US corporate bonds (Investment Grade (“IG”) and High Yield (“HY”)) at the end of last year to the end of March 2023, an investor could not be faulted for thinking much had…

Apollo 11

The Apollo 11 mission in 1969 was an amazing feat as Neil Armstrong became the first human being to set foot on the moon. The documentary film, of the same title, used original footage to transport the…

The End is Near …to the Year

September was an awful month for risk markets as the full realization of the Federal Reserve’s determination to break the back of inflation destroyed investor sentiment. While the price of both oil (WTI down over 11%)…

Winding Road

Macro Musings Since the beginning of the year, the threat of higher interest rates has played out. The result has been a bond / growth stock rout for the ages, despite the US Federal Reserve (the…

The Dot Plot Thickens

The Federal Reserve’s dot plot was created in 2012 post the financial recession of 2008 / 2009. In 2012, like recent times, interest rates were virtually at zero. The dot plot was created to give Fed…

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