Is There a Paradigm Shift in Fixed Income?

Over the next 18 months you're going to see significant shifts of capital into the fixed income complex. That'll include longer duration securities, high yield securities and investment grade securities which for the first time will actually be attractive. I also think interestingly enough emerging markets has got to be a place where you look. The MB is down 20 percent maybe 16 percent and it's probably got a yield of 8 percent. Next year if everybody's predictions are wrong and the Fed doesn't reach by much everybody thinks the freights are going to go down then more than likely you'regoing to see some recovery in emerging market debt that could yield 8 plus some price appreciation to 10.