but when the time comes, i think the amount of ig issuance that falls into, you know the fallen , angelsto speak, it will dwarf anything we have seen. jonathan: we can bring up the leverage of investment grade, it has been picking up, in the data and in the numbers. nevermind the sentiment. we have seen it isn't it? , kathy: that is one of the biggest concerns. you have had a huge increase in leverage on corporate balance sheets. so again when the moment comes, , when that inflection point comes, when it is harder to service that debt or you know you are just not getting paid a lot to take the risk. jonathan: the leverage is picking up? bob: it is true. the leverage is picking up, but i would argue companies did the right thing last year when they built up that leverage. they access ultra low generational funding and return ed some of that to the shareholders. this is a new year, earnings estimates are up in the have -- are going up. they have the financial flexibility, tax reform windfall and they will generate earnings to cover the leverage. jonathan: in terms of a big story this week,