All Weather Portfolio - Fixed Income Exposure Has Declined a Lot as Interest Rates Approach Zero

fixed income exposure has declined a lot as interest rates approach zero because of the mechanics of what zero interest rates mean. When you get interest rates low enough not only don't they provide a return but they don't provide a diversification benefit and so if you're seeking diversification when interest rates are close to zero bond yields are close tozero you won't get it in bonds The way monetary policy works to produce an easing is to have reflation assets such as that which happened on April 9th when they did.