later you'll hear from isis isispharma, one that got j and j's backing worth $835 million. isis rallied more than any stock finished with a 10% gain. lesson eight, all dogs can learn new tricks and in 2014 the best reformers were the utilities, the transports chiefly the airlines. utilities benefitted from lower rates and power consumption because things are getting better. why else would they pull away that offered big dividends but fighting price wars? the airlines changed, merged stop the price wars. these were all new tricks from decrepit dogs they would repeat from an initial stand off. activists didn't get to be the new king of pharma for nothing. the market loved it. the merger is notably now kbree created a company and the new cypress merger brought welcome consolidation and higher prices yet, the impact was under estimated by analysts, which is allowed the stocks to keep rallying. finally, lesson number ten buybacks, pay quick attention to this because the market got killed today. they do matter if they shrink the float and be along by them with them. most buybacks