noelle corum, gershon distenfield, and george rusnak still with us. everyone is pushing into the lower rated sector. is this a risk on signal or is it fomo? noelle: a lot of this has been happening because we have been seeing lower rate volatility. if you look at the fed differential between single b and triple c, they are at very extreme loans. -- extreme lows. all of the upgrades are priced in at this point so it does not make a lot of sense to put your best there. it makes sense to put them in double bees, which have lagged this year. we can talk about why. they have lagged this year and we think there is price appreciation for not only crops, id investors, crop investors, but also high-yield investors. taylor: george, do you agree? we have a chart showing what noelle is talking about. performance has lagged on a year-to-date basis. are the appropriate risk-adjusted returns still there? george: in our case, they are not. we are -- we have pulled back on high-yield. we were favorable at one point. we moved to neutral on them. it is important, it is