guy: let's bring back into the conversation michael metcalf. chael, which asset classes are further through this process, this catharsis? where his credit versus equity? >> i think in europe, because we are at a point in europe where many government bond yields are back in negative territory, and we have been here before, this could be risky for them being down this low. ofthe equity side, downgraded earnings has been a little less in europe. in europe, rates have gone too far already, and perhaps there will be a time to go back into equities. the european economy, the recovery has been very focused on the ecb and the ongoing deflation risk. the risk hasn't gone away, but the recovery is solid, if unspectacular. i'd say you could get to a point where you could say -- just because the bond valuations are so extreme. guy: where do you think bund is at the end of this year, versus treasuries? >> good question. i thin k bund yields will be higher, but i don't have much more data than that. against treasuries, i think it will depend on the fed. obvio