joining us is rick reider, chief investment officer of fundamental fixed income at blackrock and erin gibbs. thank you both for being here today. rick, you have about $680 billion in assets in under management you oversee. there are so many people are who are looking for glee ing for yi interest rate environment. what do you tell them? >> we live a world of slow global growth and monetary policy around the world so rates are going to stay low for a long time. i think what people are challenged by is wait until you get a higher rate environment. the problem is rates will stay low we think for a long period of time. so you have to be tactical about where you find opportunities. parts of the emerging markets today are interesting. the high yield market has become attractive again and attractive being when you get to 6% which on a historic basis doesn't seem great but that's the world we'll live in for a long time as long as we're in this paradigm. >> do you worry about investors reaching for yield or are they throwing things out of whack because so many people are stretching so far? >> i