let's get some more commentary from antonin julia -- antonin julia.on, to that point, we are in a situation where this is been running for a long while but it now feels like we're going to get an acceleration. simon: we're getting to the point where the fed lifts interest rate for the first time in over a decade. risks, continue to buy but we're getting this perfect storm. we got all until the inequity and commodity prices. the far east and story. we got the fed, and now we've got these unwind of these etf's. the lack of liquidity. market turnshe more bearish. jonathan: last summer, the spread between investing great in high-yield was the highest it has been in years. we didn't snap back. likeis starting to look what it is meant to be, junk. the question to simon's point, is there a big fat story here that is not about crude or energy? antonin: the market is good as pressing a single event. it is made it a lot freakier to have a single view on markets. currencies moving and the cnh moving. there are too many questions at a time when you got one last w