i am looking at cable. , 1.2701.und it is tremendous to have with us troy gayeski. tments. i want to talk about the mathiness of the market. is the volatility we are seeing normal volatility, or is there an unusual dynamic? troy: it has been more normalized as the trade conflict has escalated. big year, we had two corrections where it got to the more elevated range. once the fed pivoted their policy to be more easy in the market, volatility collapsed again and volatility sellers returned. we think we are in a normalized range, which makes sense. tom: over to the left tail of the greater financial system, are there instabilities? optimistic,l are and then the next are gloom. the strongest remains in corporate lending -- at hasn't been housing or consumer lending. tom: is it high-yield? troy: high-yield unlevered loans. when you look at -- high-yield and levered loans. when you look at the market when a $1rted, now it is trillion market. growth in levered loans and high-yield, and net debt to ebita are back to the levels from the 1990's. tom: net debt to ebita. troy: y