the lowest you know on record for emd was 200 in 2007, so we are still hovering close to some of theght levels in all of these credit sectors, and we think there will be better opportunities to get on. jonathan: let's be clear, do you still like triple c's? ms. aronov: very selectively. we do still have some exposure there. we like floating-rate loans more. the credit risk transfer market, but i mentioned securitized -- we like select shorts in the em space, given how tight spreads are, and cash is not trash. to your point, i mean, cash currently in the liber 2.3%. you can hold two-year treasuries and not much more there with a lot of duration risk. so cash gives you that optionality in portfolio that cannot be substituted, given the deteriorating picture of inventory that the street is carrying. there are no shock absorption mechanisms that used to exist 10 years ago. jonathan: oksana aronov, with colin robertson from trust management and jim cielinski from janus henderson investors. in the markets, where bonds have been this week, treasuries, twos, 10's 20's and 30's. yields lower