RUSH TRANSCRIPT I look ░░░░░░░░ the bloomberg as corporate ░░░░░░░░ yield index which is ░░░░░░░░ we have George Lopez ░░░░░░░░ as he does this ░░░░░░░░ for a living as ░░░░░░░░ director and high yield ░░░░░░░░ manager paid in and ░░░░░░░░ draw to talk to ░░░░░░░░ about the high yield ░░░░░░░░ this year How s ░░░░░░░░ been it looks like ░░░░░░░░ s outperforming It looks ░░░░░░░░ it s the place ░░░░░░░░ be It looks like ░░░░░░░░ not too worried about ░░░░░░░░ recession Are you sure ░░░░░░░░ litter moving but no ░░░░░░░░ So someone in our ░░░░░░░░ and Jordan are you ░░░░░░░░ Yeah sorry about that ░░░░░░░░ yeah I think that ░░░░░░░░ been the story the ░░░░░░░░ I think coming into ░░░░░░░░ year And and we ░░░░░░░░ really thing few signs ░░░░░░░░ of a recession Cash ░░░░░░░░ So so if you ░░░░░░░░ at both macro data ░░░░░░░░ the employment side or ░░░░░░░░ gross either both coming ░░░░░░░░ much stronger than expected ░░░░░░░░ we look at earnings ░░░░░░░░ earnings have been very ░░░░░░░░ So when you take ░░░░░░░░ step back and look ░░░░░░░░ the big picture I ░░░░░░░░ some of these draconian ░░░░░░░░ expectations just aren t ░░░░░░░░ to fruition At least ░░░░░░░░ the rallying spreads So ░░░░░░░░ s exactly where I ░░░░░░░░ gonna Go in high ░░░░░░░░ Look at look at ░░░░░░░░ phone like h y ░░░░░░░░ you re getting five ░░░░░░░░ three percent investment great ░░░░░░░░ not getting a whole ░░░░░░░░ less Why do I ░░░░░░░░ to go out on ░░░░░░░░ risk scale Corporate or ░░░░░░░░ you when you look ░░░░░░░░ the broader market the ░░░░░░░░ yields were closer to ░░░░░░░░ to high eight percent ░░░░░░░░ so there is still ░░░░░░░░ decent pick up at ░░░░░░░░ I said if if ░░░░░░░░ re if you re ░░░░░░░░ expectations aren t much ░░░░░░░░ are still getting paid ░░░░░░░░ go High yield market ░░░░░░░░ They are certainly coming ░░░░░░░░ of of what we ░░░░░░░░ all time highs but ░░░░░░░░ know when when you ░░░░░░░░ at something like interest ░░░░░░░░ ratio or or company ░░░░░░░░ ability to service their ░░░░░░░░ It s still very ░░░░░░░░ well above historical averages ░░░░░░░░ even if we are ░░░░░░░░ have some sort of ░░░░░░░░ Companies within the high ░░░░░░░░ ll space should be ░░░░░░░░ to manage that and ░░░░░░░░ you are getting paid ░░░░░░░░ something like investment grade ░░░░░░░░ a lot of experience ░░░░░░░░ high of space in ░░░░░░░░ media telecom space and ░░░░░░░░ The high of market ░░░░░░░░ that those companies Where ░░░░░░░░ you guys looking What ░░░░░░░░ you still going I ░░░░░░░░ hasn t high yield ░░░░░░░░ so well that it ░░░░░░░░ outrageously expensive at this ░░░░░░░░ Still slightly above historical ░░░░░░░░ and in know back ░░░░░░░░ the the conversation about ░░░░░░░░ sectors we like it ░░░░░░░░ cable or actually have ░░░░░░░░ of the more problematic ░░░░░░░░ in the in the ░░░░░░░░ right now surprisingly enough ░░░░░░░░ what people don t ░░░░░░░░ appreciate about the market ░░░░░░░░ Is the energy companies ░░░░░░░░ done exceptionally well yeah ░░░░░░░░ know they were kind ░░░░░░░░ the black sheep of ░░░░░░░░ market back in 20 ░░░░░░░░ 15 early twenties 16 ░░░░░░░░ when we look at ░░░░░░░░ lot of those companies ░░░░░░░░ a lot of them ░░░░░░░░ have investment grade credit ░░░░░░░░ and fur for many ░░░░░░░░ just think it s ░░░░░░░░ matter of time before ░░░░░░░░ get upgraded to investment ░░░░░░░░ So although that that ░░░░░░░░ trades tight relative