pretty compelling -- gfc highs. pretty compelling. you can get mid single returns from carry.is where we think investors will get through, the carrie component. i would say fixed income is attractive in the sense it is i diversifier within an asset class or compared to other classes investors should have it in their portfolios. i would exercise caution in picking where they want to be to take advantage of those tight -- the high-yield in spite of the tight spreads we do see. sonali: what do you think of the lessons to be had for investors as they enter into the type of risk appetite you are seeing? the event you would advise people to avoid pockets of distress. i have been pointing out bankruptcies or restructurings to my team as often as i can. they are certainly there. what would you advise to avoid? ashley: -- winnie: we avoid anything that will have an outsized surprise hit from potential policy changes or shifting global macroeconomic trends. when we look at sectors like basics that are globally exposed and perform quite well, we are cautious there. when we look at retail

they were fighting the war of very weak growth after the gfc. now the last war would be you don't want to have a big ugly right tail inflation surprise like you had in 2021. so that would lead you to be more cautious. and that was what you were hearing from austan goolsbee. you know, the person making the other case on the other side of this is fed governor chris waller, who i know you've had on the program, and he's made the point we should look through this. the fed should simply say, this is a one time increase in the price level, and you wouldn't necessarily want to dramatically change your monetary policy. i think the question is going to be, how do you define look through something. do you keep cutting into it because that's what the s&p would say. if you're really going to look through something, you shouldn't do anything different from what you were going to do. so the s&p would keep cutting what you hear from most of the people on the committee who are talking about this right now. i don't think they would cut into a big increase in tar

but also keep in mind that, you know, post gfc, a lot of these municipal, you know, the framework was. so this is just an understaffed industry. on top of that, think about it. we're building homes today exactly the way we did 100 years ago. we have folks out on the, you know, on the site swinging hammers and nails. this is an industry that has resisted technology for forever, and probably has seen the worst productivity of just about any industry in the nation. so we need to see technology infused into the into the business. there's been efforts to do it, but it's been, you know, resisted upon because of the fixed costs associated with it. >> okay. >> you have. >> two. >> things in the housing you like meritage and then building products, owens corning and you've got some pretty nice price level or price targets for both. the. why? meritage. why? what sets that apart? >> yeah. so meritage. >> homes $118. >> price target. that's about 60% upside. so nice. nice return there if we're correct. fastest growing among the fastest growing builders in our coverage. go to market with among the