How to Decipher a Good Fixed Income Manager

When rates have been falling, a lot of what's happened in the fixed income market could just be people taking more risk. How do you decipher between someone who is a good fixed income manager for their clients and someone who is just taking more risk? I think really our goal as investors is to find or at least produce the best risk adjusted returns. And those are obviously very contingent on different points in the cycle. But the ability to produce the most amount of return with the least amount of risk, I view that as our primary job in managing money.