sonali: still with us is peach -- is barry knapp and robert. if you think about the types of risk you can take on in fixed income, finally, again, do you take on duration risk at that point or credit risk? robert: i think duration will be a tactical game. like i said about this year around that base case return, we are a handfuly in the duration t year. i think on the credit side, it's likely to be a positive year but not as positive as 2023. 2023 started with spreads at that value point. now we are starting off at a tight level. this is going to require a fine toothed comb to avoid problems. there will be rising defaults. it will be important for investors, especially in certain sectors like levered finance, the floating-rate borrowers that were less sophisticated, smaller capital structures will have problems. those will have knock on impacts or structured products like clo's. there will be important to know your issuer risk in those kinds of layered structures. also in commercial mortgage-backeds, the office space may have some opportunities