edward park is staying with us from brooks macdonald. i want to talk about the u.s.. it is almost as if a dead calm descended on the space throughout december. do you see positive winds blowing for next year? >> we're reassessing our risk positions. we think equities are looking okay, but we're worried about credit we're worried about credit not only in the high-yield space, and the start of this month we cut all of our u.s. high-yield direct exposure because of the fact that yields moved down a bit. but they have not seen any of the volatility that we saw in equity markets, which itself concerns us. that is happening at the same time when corporate leverage has increased. even if you look at the investor grade market, triple b and lower grade credits are at the bottom of the spectrum. that's 50% of the investment grade index. we are looking at that and looking to exit some positions >> wasthere was a huge cleanup the energy space several months ago after you had the oil price rout, you saw a clean out of that space now you have had a recovery in the oil price, anoth

if there were any justice in the world, notes new york times columnist david brooks, macdonald would be knee deep in pulitzer prizes and national magazine awards for her pioneering work. and if you know heather, she'll walk into a jail or police station or community meeting or university bureaucrat's office and simply start asking questions. her writings always rich with detail and full of human voices. and it uncovers realities that vested interests and politically correct world views want hidden. health e may be best known for her work on policing and crime. her last book, "the war on cops," sparked a national debate on policing and became a new york times bestseller. attorney general jeff sessions recently called her the greatest thinker on criminal justice in america today. [applause] but another major theme of her reporting over the years has been the plight of higher education, and it's the crisis of the campus and its effects on the broader culture and society that is the focus of her brand new book "the diversity delusion" just out from st. martins, and it's the focus of her