joining us now is brad rogoff. we welcome your optimism. what's behind it? you cannot deny the worry that you rolled out in terms of the worry. we don't fight the fed as we move spread tighter. the fed, loosening with, -- with quantitative easing. now that we are going in a direction, we can't ignore it. we are sitting here looking at margins that are peak margins, incredible considering the inflationary pressure we have had for several quarters and we look at fundamentals from a leverage standpoint, we are close to if not back to four q 19, making us feel better about the prospects for credit matt: in 2022. corporate credit had on rough go of it, looking at ig or junk over the last few weeks. why have investors lost heart and when do you expect it to bottom? brad: it's been better since september but when you start from these kinds of spread levels, there's not as much room to a with an you think that if you believe the fundamentals story i just mentioned, you have to generate hairy and in each of those markets you have to go down in quality of it to generat