steve tannenbaum. at where gasu look is straining in the 400, and is -- in the risks, it steve tannenbaum said it is a 10 so it is a great value. it echoes what howard mark said to us last week. if you want to be an outstanding investor you cannot be part of the pack. you have to have strong convictionsto do -- and be willing to do what others .ren't willing to >> people have to look around the stock market so they are poking around in credits and finding or at least buying things they would not have touched five years ago. >> they are poking around in private equity. lack stone has been able to raise more money from retail investors than anyone else out there. guys want to be investing in private equity when they can buy apple, google, ibm? if they want the returns that steve schwarzman don't clippers -- schwartzman delivers -- >> will we have seen is all kinds of people drifting away from style. >> that makes me feel like it is 2007 coming back. >> starwood capital, one of the world's foremost real e

. >> when we come back, steve tannenbaum will be with us. special edition live from the milken conference. ♪ >> welcome back to "market makers," special edition live from the milken conference. steve joined by tannenbaum, the founder and ceo of golden tree asset management. the last time we spoke and we talked about high yield to stress and student loans. we have to talk about russia. clearly, it's in the news but many investors have said they do not want to touch it. they cannot understand and don't feel comfortable with the rule of law but you feel differently? >> it certainly can go a bad way. there is certainly a clear scenario where things get worse and it would not be a good investment. we feel it is quite attractive as an entry point. before there was the g7, there was the g-8. russia and the g-8 have the best statistic from debt to gdp with about 15%. the next closest was canada in the mid-30's. russia as a country is starting with very good statistics. when you look at the themes we , thatnteresting like gas trades in the mid to low