joining me around the table, oksana aronov, george rusnak, and greg peters. greg, let's begin with you. a real year end field to so -- feel to many discussions we've been having at the moment. how do you have a 2020 call before 2019 is even over? greg: people want to look forward just to look forward. there is such a focus on seasonality. like the calendar really matters the end of the day? i don't think so. i don't know why there is such a focus, everything is pulled forward. it is like having christmas commercials before halloween. that is kind of how i feel. a little premature. i am trying to ignore it, actually. oksana: don't predict, prepare. that should be the mantra this time of year. predictions abound. we are not in the business of macro economic predictions. but we are in the business of assessing risk in the context of current pricing. when you look at the world through that prism -- and by the way, that can mean the risks are great but they are reflected in the valuations, the risks are minimal but not reflected in the valuations. today, we are in

still with me for final thoughts, oksana aronov, george rusnak, greg peters.heard from christine lagarde this weekend. it is not gametime yet, is it? >> it was very mosaic, laying the pattern out but nothing really -- her feet not put to the fire yet. an economist by background. she will have to negotiate more. she will have to be a political official to some extent, work to be that. from our perspective it is process and policy. from the process standpoint, she will work three more collaborative. standpoint, her challenges of lowering rates and quantitative easing have run their course, so she will look to do more fiscal policy. speaking of triple b's, prior to 2008, there was not developed market bbb rated sovereign right debt. today, italy is 40%. and on negative watch by two of the ratings agencies. christine lagarde has to contend with all of these challenges. the imf just offered a paper where they talk precisely about how the chase for yield has pushed some very large defined benefits and insurance players in the marketplace out of the risk curve and ma