ms. gaffney: i think it is really a timing question.eads are tied, but if you think about it relatively, it seems like a good deal today. with bonds, it always comes down to bond mass. it's a question of when rates eventually do start going up, there will be an adjustment in the markets to compensate for credit risk and for rate risk. that is clearly not being priced in today. >> where do you invest in corporate credit? ms. gaffney: that is a great question. it has been a challenge this year for a lot of investors. i think there is a fair amount selectively, if you look beyond the u.s. and even the developed world. do hold, irkets think, a lot of good value in the market today. and importantly, long-term as well. fundamentals for certain countries are far better than what we are seeing in the developed world. >> people are going to gm and buying the index. what are they buying exposure to? ms. gaffney: that is a really good point, jonathan, because for the dedicated investors who do have to buy them to mark issues, you are not seeing as