joining me is rachel golder, that goldman sachs asset management, marilyn watson of tip ofock, and robert gym fixed income. rachel, i want to begin with you. and ask you the question of the central of that piece. equity markets all over the place. yet, the junkiest part of junk is doing ok. leveraged loans are doing ok. why? rachel: you could either assume that equity is the beginning of the end and credit would catch down with it, or this is a flash in the pan and there will be a recovery in equity. we believe there will be a recovery that actually the , fundamentals of the market and the economy are strong. you look at the underlying default rate, very benign and likely to be so for years to come. one of our strongest convictions is the energy recession of 2015 and really hit the reset 2016 button for corporate behavior for how the market was being addressed, and gave the market a chance to heal. the quality of the market is not as dire as a lot of people have suggested. jonathan: you're not alone in making that point that high-yield had its moment a couple of years ago. do you share th