scarlet: one of those big names was jeff goodlach.his is not the time where you say i can buy anything and not worry about the risk of it, the time to do that was 18 months ago. >> joining us now is cohead of global high-yield and greg -- craig bishop, at rbc wealth management. coming to us from st. louis, reeling,ling, -- brian head of global fixed income strategy. i want to start everybody with a chart showing what jeff gundlach is talking about. this chart shows threads, the yellow shows option spreads and duration, when duration is really high, spreads impressing. -- spreads compressing. is the terror we heard of all of those people's voices, is that justified? is he right to start pulling back? >> we don't disagree. we have been taking risk down steadily over the past couple of months. we are targeting an underweight to risk assets including high-yield investment grade and emerging markets, but it is nuanced. we don't worry about the current fundamentals. portraits are healthy, leverages corporate's are healthy, leverages high, b

scarlet: one of those big names was just good luck -- jeff goodlach.ything and not worry about the risk of it, the time to do that was 18 months ago. joining us now is cohead of global high-yield and greg bishop, at rbc wealth management. coming to us from st. louis, head of global fixed income strategy. i want to start everybody with a chart showing what jeff gundlach is talking about. the yellow shows option spreads and duration, when duration is really high, spreads impressing. is the terror we heard of all of those people's versus -- voices, is that justified? is he right to start pulling back? >> we don't disagree. we have been taking risk down steadily over the past couple of months. we are targeting an underweight to risk assets including high-yield investment grade and emerging markets, but it is nuanced. we don't worry about the current fundamentals. portraits are healthy, leverages high, but not increasing. they spent the last few years extending maturity profile at a low cost to debt. we see low spending and don't expect it to pick up your t