cliff robbins joins us. he is the ceo and founder of blue harbor. --that list are funds make are two funds rank among the top 35 performers of 2013. welcome. do you think we are going to see consolidation in the hedge fund community this year? >> i don't know about that. i do think in 2014, it will be a stock picker's market. it will be a good year for the folks who can find good ideas, and i think stock selection is going to matter a ton. >> what are the good ideas? >> speaking broadly, m&a is going to again be big. i think we will see lots of it in 2014. i also think companies are going to be optimizing the cash on their balance sheets. they will be opting to do buybacks and dividends. talk about your youicular brand of activism were among the few that did great, but do you think there are too many hedge funds out there? you think they should consolidate? >> i don't know if they should consolidate. i think 2013 was a year who anyone who was sure it was in trouble. i think activism, which is our strategy, did very well. both of our funds were on to

cliff robbins of blue harbour group. he will be here.past hour and you know what that means. time for "on the markets." time for charlotte. >> thank you. climbing straight into perverts -- into derivatives. today seeing big action into emerging markets and etf options. >> we are seeing interesting activity. crucial reports if you want to see a full -- a chart. it is held over the last 2.5 years. we are at 38 right now. 35-25fires positioning, spread trading about 13,000 contracts. someone is looking to get downside protection if it will drift low once again. what i am seeing is to virgins. we meet new lows. that is very interesting. a sign of stability. we need volatility. back up to 1770 level. to really make a bottom here. we're started to get positive signs. class i like what you said about stability. 20, at was the highest since the december of 2012. >> 1725 is a level support i follow, that we have to take up lows recently. read back through. very positive. i like what i see sitting there. put in perspective, more than 75% rally in