still with me is andrew chorlton , nick wadhams --noelle corum and thomas atteberry.e are seeing a little bit of a breakdown or something to be concerned about? noelle: it is not quite something to be concerned about just yet. as i said earlier, we expect 2.8 into the first half of next year. the second half a little more uncertain but the thing that we are really trying to always go back to is growth is healthy. geton't need 3% growth to companies to be healthy. that is why we like credit here, although we can to be physically positioned. andy: i don't disagree but the fundamental picture not being scary. we had refinancing. it gives the issues more flexibility and it's great for bondholder protections. the price are being paid in the volatil -- relative value versus assets, he might have missed that you can get a two-year treasury yields close to 3%. that is not that .5 years ago you had 24 basis points. the world has changed and people are beginning to recognize that. jonathan: the risk-reward, is that more invest in investment great or high-yield? andy: some of my

still with me, andrew chorlton, noelle corum and thomas atteberry for final thoughts.y, to continue the conversation on credit, your thoughts. andy: i will try to be the diplomat. i don't think the relative value is there. the fundamental story has not changed yet, but you want to be positioned before it changes because when the defaults start to change, it will be way too long. the doorway take it out of credit in the market, credit is expanding and it's really tricky. those things in bbb-land, that's $100 billion. a lot of bonds. jonathan: i think it is the credit equivalent of the barn door and the horse. i can't get my head around it. what is the leading indicator you should be paying attention to? tom: price. am i getting paid? it is price. it comes back -- from our view, what is the value of the entity? can i come up with some valuation of this thing and get a sense of, how overleveraged it is, or does it still got maneuverability? without covenance, which we seem to have gotten away from, yes, it gives the company's flexibility up until the time they don't have