with us to discuss is michael vimplecom doug peebles, and krishna memani. let's start with michael.s at&t caught what you consider the new religion for the c-suite? michael: absolutely, telecom is the poster child right now for balance sheet religion. they are focused on deleveraging. at&t being one of the largest issuers, it's been given the mandate. ratings agencies are hovering over everyone as we speak. jonathan: i have heard this is the year of the debt diet. someone on my show said that. washna: i think part of it volatility in 2018. interest-rate volatility and stock market lability. market is right, some people got religion, but they have only gotten the first commandment. we are waiting on the other nine to come through. that volatility put a pause on the expansion of balance sheet that they were done the path of. tax reforms was a bit of a driver as well. at the end of the day, if the liquidity is available, if the market pricing of risk is relatively low, money is cheap, corporations will continue to deliver. not at the pace they were doing before, but leverage is going u