How to Proceed in an Uncertain Environment

The loan market has actually seen basically the exact opposite move that the high yield market has seen. So again, as we mentioned before, when you overlay that with rising interest costs for some of these highly levered companies, you do have to be a little bit careful. And there is a possibility that we could see an increase in defaults in the loan market to a level higher than what we see in the high-yield market. But ultimately, what's really important in an environment like this is doing your credit work. Nothing in the long run can replace that focus on fundamentals.