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In the high quality parts of the high yield market. Stay in those double BS and high single base, the things that the economy does take a downturn even though it sounds like you don't think it's happening that you'll be protected. In that part, most of that will be single B market really is fairly default resistant. And I would say to make a general statement about high yield is that part of the market is pretty sound fundamentally from a leverage standpoint, liquidity standpoint. The fundamentals for the high yield market look pretty good. Going into this recession. So we don't expect a huge default cycle. I think our cautiousness is we just think you're going to get better entry points. We just think spreads are going to widen even if it's a relatively benign default cycle. We still think spreads are going to get a couple of hundred basis points wider. So we're keeping our prouder dry. But I do think that if you go out and buy high yield today, you'll underwrite a little bit of volatility, but you're certainly not going to lose money. Hey, Steve, just real quick. 20 seconds. What are your analysts? What's a recession model look like for your analysts? No revenue growth, declining growth. You mean for our credit analyst? Yes, what are they running? Oh, it's kind of, it's really industry by industry. I mean, the disparity of industry returns is significant. Okay. So a lot of them are starting to shift in the negative direction. So what we've seen thus far is relatively decent revenue trends and very negative earnings trends, meaning you're seeing a lot of cost pressure in that type of thing. Steve, great stuff, always appreciate getting a few minutes of your time, Steve Kane, kiso CIO, generalist portfolio manager, TC W investment management. They're based in LA. They got like 225 billion massive under management, not bad. It's worth a trip to LA. This is Bloomberg. All right, let's get some company news

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