still with me around the table, michael clotherty, kathy jones, and krishna memani.to take the opportunity to talk about credit and i want to begin with you. something struck me about last year. junk etf, you risk assets to perform more broadly and junk lagged. it lacked em and my question is why? why is high-yield not keeping up with the rally you see in risk assets? krishna: the answer is simple. high-yield shares are just too tight. there's nothing magical about it. high-yield has had a substantial run over the last seven to eight years. we are at a spread level on the cbs indices of some 300, and it is difficult to get yourself to buy high level at that yield and feel good about it. kathy: i would agree with krishna. spreads are tight and valuations are really high and the credit quality is deteriorating. then you add the tax bill onto it, which is not favorable for high-yield issuers. you just don't have a great case there to be made for being all in on high yields. jonathan: i asked bill gross about his exposure to high-yield and junk and whether he had any and