you can look at the lineup on bloomberg and search for fixed income and cank at the lineup and there are a wide variety of produs in a wide variety of spaces. you can get longer duration or shorter just in a diversified passive toward folio. you can go into u.s. high-yield, shorter duration high yields, shorter duration investment grades, emerging markets, etc. asset allocations using etf's and that is a big way fixed income etf's are being used. they are being used actively to set up in income portfolio. jonathan: what is your response? carl: i believe in active management. we have too many built-in advantages of the bond index is about 75% government or government related securities. if i put together a portfolio that yields more than the benchmark, i win more than three out of four cases. spreads widen a little bit, iich does not compensate, and still win. moreover, when securities are taken out of the index, i don't have to sell at that price. a great example is november 2015, a large high-yield issue points inds are up 15 the month of december. it was never that bad and never th

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