Rick Rieder

And we can create six, six and a quarter, six and a half percent yield by being and staying high quality and saying, you know, I think I think bankers running a low single A rating, which is pretty amazing with a with a less than four year duration.

Anyway, if we can just keep that yield up, you know what?

So what do you do to do that?

You reduce a little bit.

We've reduced a little bit of high yield.

We've increased a bit of emerging markets.

We think the dollar is contained.

We have talked about on the show, we like mortgages.

Quite a move today.

I don't know at these levels.

But increase your quality and you can still run yield that is pretty significant in the portfolio and be global.

Like look at interest rates around the world, particularly Europe, where you can as a dollar investor is quite attractive.

Yeah, I mean, so by the way, it does, you think about in size, I mean, it's a fantastic question.

There's a couple of things.

First of all, part of why mortgages become more interesting is because they're so liquid and the size of that market is so expansive.

You do think about other things, though, as you get larger that you can do in your portfolio.

where we do a little bit more bespoke.

We tend to keep this very liquid, but we can do a little bit more bespoke because of the size of it.

So that gives us a little bit more flexibility.

But there are some markets that are clear, like the CLO market or others, that you think about how big do you want to be in certain markets.