if we think there is another cs willn, that triple probably underperform, that we know there are opportunitiesn that. we looking at it on a case-by-case basis. jonathan: you look at the , if you look at credit alone, you wouldn't see it, would you? like a lot of volatility. if you zoom out and look at 3-5 years, i think all of these things are true. cash alternatives are a great story. hardnk investors have a time moving around the portfolios quickly. pc the high-yield cbs is winding. people are looking for assurance. there hasn't been much high-yield supply coming into the market. is that a factor as well? there are supply and demand dynamics that certainly influence where the spreads are. valuationind a huge in credit. we are skewed more toward the emerging world. if you are looking for that yielded better potential, i would put more money into that. jonathan: give me more color on the timer if you think about emerging markets at the moment. >> a three year time horizon. it has lagged since 2011. this will be a multiyear cycle. jonathan: jack and george and bonnie are sticking with me. marke