Yield spread

Well, you just brought up fixed income.

I want to get into that, but I want to talk about credit spreads because the point you're making and you have made in your notes is they're holding up extremely well with the exception of maybe triple Cs, which in a stock picker's market, we'll call that a bond picker's market, right? No one, again, people are just, oh, those are one-offs.

But credit spreads are still holding tight too.

How much longer can they hold here with just treasuries kind of widening here and just cost of capital continuing to list on the margin go up?

Yeah, I think that this is such a great encapsulation of the question of whether or not you are having a positioning valuation re-rating kind of market volatility or if you're having a growth scare.

You have investors piling into high yield because they're saying, look, my all in yields are in the high single digits.

Base rates are moving up.

So I'm going to tighten credit spreads because I want that all in yield.