| biotech comeback in 2022 let's bring in | 4.64 | Jump to 2.159 |  |  | 
              
                
                  | michael what changes for biotech in 2022 | 5.359 | Jump to 9.28 |  |  | 
              
                
                  | right it was a very tough year in 2021 | 5.44 | Jump to 16.96 |  |  | 
              
                
                  | nonetheless i think there's two reasons | 4.36 | Jump to 24.48 |  |  | 
              
                
                  | 2022 first is the fact that you just | 4.52 | Jump to 28.84 |  |  | 
              
                
                  | multiple years in the past 10 years | 3.84 | Jump to 33.36 |  |  | 
              
                
                  | where we also had 18 20 | 4.64 | Jump to 34.96 |  |  | 
              
                
                  | back 35 to 40 | 4.4 | Jump to 39.6 |  |  | 
              
                
                  | rotation the second thing i think you | 3.04 | Jump to 47.92 |  |  | 
              
                
                  | 30 40 percent but you see pharma | 4.959 | Jump to 55.92 |  |  | 
              
                
                  | companies with over 400 billion dollars | 4.561 | Jump to 58.239 | 
                      
                        
                      
                        MONEY
                      
                      
                        400 billion dollars
                      
                     |  | 
              
                
                  | about like biogen so check that one out | 3.04 | Jump to 95.52 |  |  | 
              
                
                  | second but also in the smith caps where | 3.919 | Jump to 98.56 |  |  | 
              
                
                  | could be a takeout argenex is one of | 4.799 | Jump to 105.36 |  |  | 
              
                
                  | companies yeah i think vertex is one of | 3.44 | Jump to 117.84 |  |  | 
              
                
                  | one specifically in the context of a | 5.28 | Jump to 125.52 |  |  | 
              
                
                  | six weeks i know the stock has moved up | 4.64 | Jump to 135.12 |  |  | 
              
                
                  | from about 185 to about 220 | 4.559 | Jump to 137.04 |  |  | 
              
                
                  | this was a stock trading at 262.80 | 4.401 | Jump to 142.959 |  |  | 
              
                
                  | up 250 260 over the course of the year | 4.72 | Jump to 166.879 |  |  | 
              
                
                  | the other one which we've been talking | 3.76 | Jump to 170.0 |  |  | 
              
                
                  | down 35 percent this year had nothing | 5.199 | Jump to 178.4 |  |  | 
              
                
                  | receptivity and appetite for 2022. yeah | 4.239 | Jump to 195.28 |  |  | 
              
                
                  | down about 36 or so over the year | 3.92 | Jump to 197.44 |  |  | 
              
                
                  | specifically which was up what 140 | 4.32 | Jump to 227.12 |  |  | 
              
                
                  | happen well reflected in the 105 billion | 5.761 | Jump to 237.519 |  |  | 
              
                
                  | rotation out of that so the losers of 21 | 4.0 | Jump to 258.639 |  |  | 
              
                
                  | a little bit better for 22 the big | 3.921 | Jump to 261.199 |  |  | 
              
                
                  | winners of 21 not so much for 22. i | 3.921 | Jump to 262.639 |  |  |