. -- wenk the uber story like it from an equity side, risk reward, but there is a lot and positive fundamentalshere, especially on the shorter piece. jonathan: another example of the equity like attractiveness being captured in the debt market when it should not be? >> we are seeing people on the fixed income side take equity-like bets in the market and that is usually a light cycle phenomenon. consider the duration of the bonds in the high-yield space. that is a fairly equity-light investment. jonathan: i cannot tell you what will happen to uber in five years, eight years. seven .5%, does that get it done for you? >> on a nominal basis, sure. looks great in today's market but i don't have familiarity with their financials. in fact, a very near a group actually do. kathy and i were talking about during the break. high-yield press are about as tight as they are going to get? i think so. a light cycle, typically, buyers can expect a high probability of negative returns. at some point, this party ends. jonathan: high-yield u.s.? >> we think we are clearly bouncing along the bottom. my will tell yo

. -- wenk of india is also a duty rate cut by the government yesterday which means the budget will probablyder pressure during that time policy,l's bank titans policy, it is -- for investors looking at india. nejra: the chief economist at berenberg and cio at kuntz are still with us. >> we have heard how you are positive on equities. what about indian equities? >> they have not dropped enough. they are a bit like the u.s. of emerging markets. they are on expensive valuations. justified because earnings growth has been strong. it is a bit of an expensive market for us. we talked earlier about oil. the oil impact on india is negative. it needs to be cheaper for us. nejra: are central banks like india in emerging markets that are hiking rates putting themselves at too much risk in terms of growth? >> they are putting their economies at terms of -- at risk. what they should be trying to do rout in currency. they should not go against an orderly devaluation. , --hey do it gradually turkey had to send a strong signal. and may have to again. nejra: and belated. >> but for the settled economies suc