multifactor credit at pimco, and daniel pauly, managing director and portfolio manager for credit strategy at oaktreeital. when you see how tight spreads have been, where do you find value? >> spreads have been tights in yields. there is an opportunity for double-digit yields. thinking from spread to yield makes a lot of sense. especially when you consider some of the other factors in the high-yield market. like the fact bonds are trading at a decent price today, well below par. there is potential upside. and generally, it is a higher quality market than it was. where we are in this cycle, i think we are seeing defaults have been relatively low. borrowers have been able to weather the storm. if you are a credit picker, we think there is ample performing companies that will pay us back on those loans. sonali: how do you feel as the economic data starts to weaken? do you get worried about some sectors? particularly the ones more leveraged to the consumer? >> that is right. overall for high-yield, we are constructive. we think there is opportunity as yields have risen to generate that income, predictabi

now, oaktree does not make in basements on the basis of macro forecast. we lend to a company, will they pass back, not what will gdp growth be in 2026 according to mike, according to lagarde. europe is weaker than we are here. that is the important thing. will that be realized, the expectations for the u.s. of more than two growth be realized? these are important. the other thing i know for sure is that i don't know. nobody at oaktree knows more than the consensus about these matters and that is why we don't make our investments predicated on these matters. >> when you are going in and looking company by company in europe, do you see a lot of opportunities from companies that aren't as crowded as the u.s. where everyone is banking on the strength story? >> that is the other hand. on the one hand, we know there economy is not as good as ours. on the other, maybe investments are corresponding. nobody should invest on the basis of a single factor like the rate of economic growth. it is always the question, do you like the price, and do you like the growth ra

in 2018, we brought oaktree into our fold, and we have a partnership with the management there.ransformative to our credit business. and we're always looking for things like that to continue to build the business, and just grow over time. but if not, we just keep plugging away every day. francine: so this is more partnerships than outright acquisitions, like altera. i mean, this is a different kind of carbon fund. bruce: our transition business, we started -- we split off from our main infrastructure business 4.5, four or five years ago. we raised a large first time fund. we just did the first close of our second fund for $10 billion. and then we started an emerging markets business. so i would say that is just a split off. all we are trying to do is, we informed ourself about transition. we built a team over a long period of time. now, our -- some people said to us, can you solve emerging markets as opposed to just developed markets? we didn't feel it appropriate to put the two in the same fund, so we are creating another fund to do that. and some of our clients will come along

in 2018, we brought oaktree into our fold, and we have a partnership with the management there.ransformative to our credit business. and we're always looking for things like that to continue to build the business and just grow over time. but if not, we just keep plugging away every day. francine: so it is more partnerships than outright acquisitions, like altera. this is a different carbon fund. bruce: our transition business. we started -- we split off from our main infrastructure business 4.5, 4 or 5 years ago, we raised a large first time fund. we just did the first close of our second fund for $10 billion, and then we started an emerging markets business. so i would say that is just a split off. all we are trying to do is we informed ourself about transition. we built a team over a long period of time. now, our -- some people said to us, can you solve emerging markets as opposed to just developed markets? we didn't feel appropriate to put the two in the same fund, so we are creating another fund to do that. some of our clients will come along with us, and we are quite excite

in 2018, we brought oaktree into our fold, and we have a partnership with the management there.t's been transformative to our credit business. and we're always looking for things like that to continue to build the business, and just grow over time. but if not, we just keep plugging away every day. francine: so this is more partnerships than outright acquisitions, like altera. i mean, this is a different kind of carbon fund. bruce: our transition business, we started -- we split off from our main infrastructure business 4.5, four or five years ago. we raised a large first time fund. we just did the first close of our second fund for $10 billion. and then we started an emerging markets business. so i would say that is just a split off. all we are trying to do is, we informed ourself about transition. we built a team over a long period of time. now, our -- some people said to us, can you solve emerging markets as opposed to just developed markets? we didn't feel it appropriate to put the two in the same fund, so we are creating another fund to do that. and some of our clients will

jonathan: back to conversation with howard marks of oaktree, where is the leverage?age? corporate balance sheets are stronger, they are stronger because the leverage went to the sovereign balance sheet, and yet here we are even with all these rate hikes, even with the end of qe. rates haven't spiraled away in the way that i think the biggest heirs would have thought they would have done. lisa: that's the reason i watch auctions. people aren't pushing back in a material way because they are still counting on the fact that rates are going to reflect an inflation rate that is coming down. not necessarily this premium that is baked into transferring the wealth of the country into the balance sheets of companies or corporations. jonathan: granted, the boj is still targeting zero, i believe. lisa: i think it is actually above zero. jonathan: there's been some increased tolerance. they changes for the doj. we might actually get a rate hike which is something. jonathan: fcc commissioner brendan carr, santa and their and ed ludlow. more to come. good morning to you all. equit

we went to, uh, bank a fund called oaktree capital partners.dvisers from dla piper, a massive law firm in the city. just be careful. just be careful. we moved along every friday. they said they would be refinancing us. um, and basically , uh, they pulled the basically, uh, they pulled the plug basically, uh, they pulled the plug on the 11th hour. if there's, if that's the right words to use and put us in an awful position . um, all of our awful position. um, all of our banks were , were following us. banks were, were following us. they came with us. why would they not? we were the, you know, uk's biggest bungalow provider. nothing wrong with the business model , nothing wrong with the business model, nothing wrong with the business. we're not here by business. and we're not here by chance. we're here because it's a plan. of course . um, a five year plan. of course. um, but know what we can't do is but you know what we can't do is we had that at the tail end of 2022, which was a was a terrible moment . and we travelled through moment. and we tra