.: tom davey's says this oaktree had been a highlight of the winery since they opened nearly 50 yearsgo. he said it had been standing in this spot for an estimated 275 years before coming down during the latest on that brought rain and heavy winds. >> for those that visit the winery, this majestic oak, literally hundreds of thousands of people have picnicked under this oaktree since the day we opened our doors in 1976. it has been a part of coming here and having a glass of wine and some salami and cheese. people just enjoying the beauty of the napa valley. j.r.: downed trees have been only part of the problem in wine country. edg in most areas but intersections like this one in sonoma county near bigut >>ango down there. they spent a lot of money on itk about the flooding. >> t road cloofsure swork all around us. j.r.: frustration is high especially among those sitting in traffic like this just to get around the flooded areas. davies is trying to stay optimistic. a wineglass half full look at things. >> we and i guess we got it. we were came down at 4:00 a.m. and did not come down on

dani:'s, cochair of oaktree capital management speaking exclusively with romaine bostick.so said that he sees an end to the junk-bond rally. it has been the best start for bond returns. that is helping fuel a bonanza by companies and governments around the world, more than half $1 trillion. let's get to the man behind the data, bloomberg's chief correspondent, garfield. this is so fascinating, considering how dour things were at the end of last year. what has driven investors back into fixed income this time around? garfield: a couple of things. one is the dire 2022 that you mentioned gave us something that bonds have not had for a very long time, yields, yields that are attractive to enough that investors say, we have the end of negative rates, we don't have negative yielding bonds, where investors are paying to play, they are getting paid. that is one very important thing. the other is those rate hikes globally, are putting the global economy into a funk. we have seen the potential for recessions, certainly for a strong slowdown you have the chance for capital gains now

the winery this majestic oak, literally hundreds of thousands of people have picnicked under this oaktree since the day we open our doors in 1976 it's been a part of coming to the winery and having a glass of wine and some salami and cheese and people enjoying the beauty of the napa valley. >> downed trees have been only part of the problem in wine country floodwaters are receding in most areas but intersections like this one in sonoma county spend are still flooded out. >> i can't go down there we spent a lot of money on it and they didn't even think about the flooding. >> with the road crozier -- closer it slows us down and keeps people out of work. >> frustration is especially among those sitting in traffic just to get around the flooded areas davies is trying to stay optimistic. a wine glass half-full look at things. >> we have been looking to have rain for some years and i guess we got it so we were blessed that this thing came down at 4 a.m. and did not come down on a day when people were underneath it and it would have been devastating. >> in certain areas like this one road closur

the winery this majestic oak, literally hundreds of thousands of people have picnicked under this oaktreece the day we open our doors in 1976 it's been a part of coming to the winery and having a glass of wine and some salami and cheese and people enjoying the beauty of the napa valley. >> downed trees have been only part of the problem in wine country floodwaters are receding in most areas but intersections like this one in sonoma county spend are still flooded out. >> i can't go down there we spent a lot of money on it and they didn't even think about the flooding. >> with the road crozier -- closer it slows us down and keeps people out of work. >> frustration is especially among those sitting in traffic just to get around the flooded areas davies is trying to stay optimistic. a wine glass half-full look at things. >> we have been looking to have rain for some years and i guess we got it so we were blessed that this thing came down at 4 a.m. and did not come down on a day when people were underneath it and it would have been devastating. >> in certain areas like this one road closures a

rishaad: some remarks that were made by the oaktree capital co-chair.ailesh jha is still with us, chief economist and head of market research at rhb banking group. we have the selloff of equities is in u.s. and without weak retail sales, bad news was treated as bad news as opposed to good news because the federal reserve would not be as aggressive. does that change of view reflect anything in your mind? sailesh: the way that i think about it -- it is always hard to exactly pinpoint when they move the markets -- but the way i think about it is the retail sales number was followed also by decent housing data for the month from the national association of homebuilders, that nahb index, and it was a mix of fed speak over the summer , members being fairly hawkish. this basically led to confusion in markets, and that is potentially why we got this selloff of equity markets overnight. that is how i would think about it. rishaad: the thing is also, perhaps there is something donning that we could be heading towards not necessarily a full-blown recession, but a

we had oaktree come on and say the best start to the year for some of the high-yield moves that we haveeen since 2009. there is going to be a slow down. we are all a little bit too optimistic so therefore, it is high-yield just a little bit too over enthusiastic? rupert: i 100% agree. again, just look at the levels spreads normally are in a recession. a hundred or thousand basis points. we are half those levels. we are less. we don't have to think that there is going to be a major recession. just think that the whole risk on rally will produce equities and high yields and it has gone too fast. there's good reason why spreads if you have a recession are not going to wind down half as much as they have done in previous recessions because there's a much better place but having said that spreads are not discounting any recessions at all and we think there's going to be a mild recession. manus: rupert thompson ok. kingswood holdings at. when he rally has run too far at this stage. thank you for your insights. coming up and $11 billion case and the uk's high court could threaten africa's larg

coming up, oaktree capital management joining bloomberg tv at 2 p.m.. this is bloomberg. >> keeping you up-to-date with news from around the world, here is the first word. in ukraine, the countries interior minister and 17 others were killed in a helicopter crash. the helicopter went down near kindergarten and an and apartment building. at least 29 people were injured, and no word on what was the cause of the crash. they are investing russian war crimes. the invasion in the u.k. -- inflation u.k. rose. it was 5% more than a year ago. it is five times higher than the bank of england's target. the central bank has raised interest rates nine times in a row since 20.1, and another hike is likely to month. janet yellen and her chinese counterpart may meet in beijing and washington. the treasury department hinted at those plant -- plans to hold a closed door meetings in zurich. the two exchanged views on macroeconomic and financial developments. local news, 24 hours a day, on bluebird quick, powered by 2700 journalists and analysts in more than 120 countries.