our thanks to tobias levkovich and to chris marangi as well, from gamco. from citi. "bloomberg " is up on television, and "bloomberg surveillance" continues on radio. we are back at 6:00 a.m. in new york and 11:00 a.m. in london. ♪ oh, hi! micky dolenz of the monkees here, getting ready to host the flower power cruise. (announcer) we're taking the love generation to the high seas and reliving the '60s. we'll celebrate that unbelievable era with the music that made it so special. there'll be over 40 live performances featuring eric burdon & the animals, micky dolenz, the monkees lead singer and cruise host, the 5th dimension, the lovin' spoonful, rare earth, spencer davis, three dog night, and many more! imagine enjoying all that great music on the fabulous celebrity summit, leaving fort lauderdale and making ports of call in jamaica and the bahamas. you'll be back in the days of bellbottoms, peace signs, and so much more, with special theme parties and 20 fun-filled celebrity interactive events. cabins are filling up fast, so come on, relive the era you

into yours wading area, tobias levkovich.ect he's on earnings growth and industrial activity. we talked about industrial activity before. most of the data is supportive. , they'vernings front been squeaking out modest gains besides energy. high-yield market is extremely energy focused in terms of where the problems are. , its overstating the point benefits his portfolio. guys talk, these clearly, they are talking their own book. whether it is a broad bet on the market or when they come out and talk about individual stocks -- how markets have reacted to information as opposed to trying to put money going into a place and opposing a view. i've been married 30 years per i know no one listens to me. jonathan: the idea that there's only 2% upside and 20% downside, what do you think of that view? sean: it would require real bond yields to move up sharply. that was the case mid 2015 going in. there was a pickup in real bond yields. inflation rate is picking up now, things do not favor fixed income as they did. the earnings recession