the chief investment officer stuart richardson joins us onset.talked into your notes, i wanted to run out the door and sell everything i own. a dark mist. the imf is worried potential instability, in experience investors piling in. liquidity doomed. equity risk up. where are we? >> i think we have covered it all. we have seen a five or six year period where investors are encouraged to reach for yield. put any flow of money into bonds. mostly corporate, high-yield. we have seen the proliferation of abs, etc. with covenant light making it come back, this is a consequence of the fed supported policies that all central banks across the country have been encouraged to. we think a lot of investors would of got into areas they would have not done in the past. they are not committed long-term investors. will the exchanges be able to get out? if there is no liquidity, how can these guys get out? there as been talks about gating bond funds in the past. this is a really big question. what is going to happen to the price? >> if you are worried about credit m