are makingtake, you an interest-rate that when you are buying the higher-quality part of the high-yieldarket. when you think about triple b's, a huge cloud hanging over double bees, triple be issuance. if you apply the prior rates of fallen angels that have occurred -- i'm not talking about 2008, but if you look at prior recessions -- if you apply the percentage outstanding in a trip will be space, you get a trillion dollars of fallen angels. the amount of dry powder in the market to absorb that is worse. jonathan: the former new york president bill dudley wrote about it this week. he said when the next recession occurs, a significant portion of the debt will be downgraded to junk. force selling will create significant congestion in the market. not the first time we have heard the argument. what is interesting is the majority of people outside fixed income are preoccupied by this issue. the majority of people within fixed income are less concerned. where are you? >> last year was a blessing in disguise. it didn't feel like it at the time but november, december, triple b companies got re