RE:How things workPossibly one of the best hopes for TLT is the new regime at the FDA. The previous one was very closely tied to Big Pharma and there is at least one multi-billion lawsuit against the previous head of the FDA, her husband who's the head honcho at Renaissance (a hedge fund) and J&J. The plaintiffs claim the FDA sat on a drug that would have competed against J&J's drug. At the time Renaissance was a very large shareholder in J&J.