. >> interesting, even though the backrop is what -- somewhat weak, the market is -- >> i think something that is a good leading into care, the last 20 years, always called the direction right, high yield, high spreads. in other words, what the bond markets are doing. they are acting really well, starting to rally in june and july, these are corporate bonds. >> so everybody is looking for yield. i guess that is why corporate bonds are doing well and dividend payers are doing well? >> yes, exactly, the markets are doing for proxys for bond, the best group, the energy sector. >> energy has been doing well, even though oil is off of its highs? >> that is right, oil has really seen a big fall since the start of the year, one reason that energy was the worst performing group, year to date. but we have had a bounce in oil, maybe the market is seeing the growth in the second half. but if you look at energy stocks in the last ten years, they're about ten% cheap versus oil, i think they got too cheap. >> interesting, so where are the weak spots in terms of earnings right now? i know china is slowi