two day meeting. george is from wells fargo, he knows there are second-round effects to a collapsing commodity. can oil force a collapse in yields? oil and other signals filter into everyone's world, including the world of debt. george: credit markets have been focused on oil prices. as soon as oil started to crack last year in the middle of the year, bond prices started to come down. a pretty big concentration in both investment grade and high yield markets. more so than equities. people started to use credit markets as a proxy trade. tom: is the high yeield -- high-yield hydrocarbon market -- george: good point. energy markets within credits started to segment. the higher-quality better performing oil companies sought a bid, we saw clearing levels.