weighing in is gershon distenfeld, priya misra, krishna memani.shon, your take on whether it is time to rotate from some of the winners to the losers in high-yield? gershon: you're going to hear that a lot from high-yield managers. they are in a difficult situation. we have 33 years of high-yield data. 23 years, it has been treasuries. in 21 of those 23 years, ccc's have been the outperformer. two exceptions, 2005, 2019. this has been an abnormal year but very good year for managers. managers can buy anything without taking risk and outperform. that is changing. that is a joke, twitter is high-yield with a three handle? that is low yield. that is indicative of the market. the math does not work. the only way you'll make money on that is if that goes to 2.5%. that won't happen. what are you forced to do? the only way you can promise investors to make even 7, 8, 9%, let alone 12% this year, is to say ccc's are cheap. i think it is a trap. if you can pick the right 20 or 30, i agree. the question is how smart can you get that hit rate? that's a trick

weighing in is gershon distenfeld, priya misra, krishna memani.ershon, your take on whether it is time to rotate from some of the winners to the losers in high-yield? gershon: you're going to hear that a lot from high-yield managers. they are in a difficult situation. we have 33 years of high-yield data. 23 of the 30 years, it has beaten treasuries. in 21 of those 23 years, ccc's have been the outperformer. two exceptions, 2005, 2019. this has been an abnormal year but very good year for managers. managers can buy anything without taking risk and outperform. that is changing. that is a joke, twitter is high-yield with a three handle? that is low yield. that is indicative of the market. the math does not work. the only way you'll make money on that is if that goes to 2.5%. that won't happen. what are you forced to do? the only way you can promise investors to make even 7%, 8%, 9%, let alone 12% this year, is to say ccc's are cheap. i think it is a trap. if you can pick the right 20 or 30, i agree. the question is, how smart can you get that hit rat

overall and management in fact, josh mentioned two of the his key people, marcelo claure and rajiv misra for some time, there's been talk that at the top, things don't always go as smoothly as they might. here's what masa had to say. >> no, no, they are good guys. they are good friends and good partners of course, once in a while, there's a difference in opinion. but me and them, between them or other management, but, you know, always good to have a little bit of healthy competition or tension, because that way we work harder. you know, for any organization, any family members but they are both very good partners and, you know, happy -- >> so you're happy with the team you have in place right now? >> of course, of course. >> claure, of course, jetted into, tried to help rework wework and misra helping run the vision fund, of course. but the organization really is about one guy. it's very interesting. and we know who that is. and that's kind of it. so we'll see 2020, it should be a very interesting and challenging, perhaps, year for softbank >> it's funny, because we talk so much about --

he thinks it's too dark and crowded basement only supply is not safe and says that this motion the misra which one was it was just like however his coworker biotic them has a different take on the castle. for me the castle was always like a paradise it was exciting we had our own room and the people there had a master key so i looked at all the rooms. you knew everyone it was familiar and lovely when i go out there today it's over in 25 minutes. while i'm still wondering whether i'm in the dining room or the bedroom i'm probably already in the dining room. it's incredibly fast paced now and that's a shame. initially noise funch dining was not promoted over look big the seconds other buildings it was just one of many castles in bavaria hard to imagine today. then comes a major turning point the end of the 2nd world war in 1905 this was not something that it was very was part of the americans occupation zone and the americans took over the castles the palaces of looting the 2nd were not reopened to the general public until the spring of 1946 don when the bavarian tourism machine began to m

seema misra is one of those 34 fighting to clear her name.t all started when i took over the post office and they denied from day one there was anything wrong. the way i was treated, you are the only one this is happening to so how come you're post office is having an issue. they were acting like a mafia, if anything happened they would take everything away. everything would be lost, the name, the family. you were running a shop alongside the post office and at the end of the day, there was a big gap between what was in the teal and what was supposed to be there.” between what was in the teal and what was supposed to be there. i had to physically go to the shop and put it into the post office and they said that you can get a credit note and get the money back that never happened. within a month, isaid and get the money back that never happened. within a month, i said to my area manager, something is wrong. iam my area manager, something is wrong. i am putting money from the shop floor to make it balance and we're not anything incorrectly. the

well, joining me now is seema misra, who you will have seen talking she's on the line now from wokingmake, and just ask you, what did the post office say that you had done? in the beginning year, they took me forfalse done? in the beginning year, they took me for false accounting and theft, which i denied. so they told you — why was that? because money was disappearing? in my case, the issue starts from the very first day. when there was a shortfall, they told me that it was good. and why did you think there was a shortfall? because the very first time when it happened, the very first day when it happened, they said to me that everything looked good, it's never a penny to penny. the next day, i came in front of the trainer, i said the next day, i came in front of the trainer, isaid i might geta the next day, i came in front of the trainer, isaid i might get a notice later on. i cautioned why i got a notice, i had been there all day. they told me not to worry, everything was good. sorry to interrupt, so they then sent an auditor, am i right? what happened then? very first after the mon