![A rising tide lifts all boats but the fixed income water is likely to get choppier](https://s.wsj.net/public/resources/images/FN-AD767_fn_bon_M_20180525115733.jpg)
Asset managers love a good ocean metaphor. We have been known to crow that “a rising tide lifts all boats” and equally vociferously, “it is only when the tide recedes that we will be able to tell who has been swimming naked”.
These maxims have been used so frequently that they have begun to lose their meaning. But, just because they are hackneyed doesn’t make them any less true.