suisse mandy xu, credit chief equity derivatives strategist. that does it for "the closing bell." next,d you miss?" is where we will be taking a look at warren buffett's moves. this is bloomberg. ♪ ♪ live fromroadcasting new york to our viewers worldwide, i am romaine bostick alongside scarlet fu. this is "what'd you miss?" ,carlet: u.s. stocks open lower quickly paired their losses and by the close, erased them completely. crude oil gaining for a fourth straight day. also turning000 positive in late trading. biggestthe collateralized loan obligations -- just a fraction of the likely wave of defaults caused by coronavirus. this is according to ubs, the firm's head of credit strategy. he joins us to explain. there is a disconnect here. i suppose the easy answer would be to point to the fed and say that it is providing a backstop. could you give us a little more insight into why there is a big disconnect between what the market is pricing in versus what looks like some pretty dismal data on the ground? matthew: i think there are a few things we see from clients. the first is that vo