oaktree's posture was neither defensive nor aggressive, i.e. normal.s that put us on the famous howard marks chart of market cycles? howard: this is very unusual, erik. erik: here we are. howard: right, ok. that is really the market cycle with the psychological cycle superimposed on it, but there is something else that is important, the economic cycle. usually the economic cycle in the stock market cycle coincide. not exactly, there are leads and lags but they move fairly well together. the high in the stock market is pretty close to the high in the economy. then the attorney -- economy turns down, and then the market, sometimes the market anticipates. today, we have high stock prices by anyone's measure. and we are early in the economic cycle. that is unusual. you could say this is bad, because the economy is still -- the recovery is nascent and stock prices are high. you could say, stock prices are high, but we have a lot of economic growth to come. it all depends on how you look at it. erik: part of the reason stock prices are high, interest rates a