This is their opening statement on the journal. Thought i would share it

A consensus seems to have built
at year end that the equities rally
will continue during the first half of
2010 and then peter out during the
second half of the year in a post
stimulus letdown. The economic
landscape is still very much in a
period of change, and a better feeling
at year end should not be confused
with feeling healthy. It’s too
soon to assume stimulus in the industrialised
world will trigger private
sector growth. Unless that
changes soon, we expect markets
to begin reflecting a trough well
before it appears.
Our near term focus continues to
be on precious metal explorers, but
at this point we are happy to keep
that focus on those we have already
been talking about. Takeover
season continued last month
in the sector, and that is being reflected
in better pricing for some
asset holders. The update section
also speaks to a number of base
metal punts the market put aside
last year. Concern about the
broader market aside, it is growth
economies that will continue to
drive the sector and its smaller
players will have their day as this
new normal sets in.
We are in a cautious mood, but not
a pessimistic one. More people
still look forward to change than
worry about it, and that is progress.
Best wishes for 2010.
David Coffin & Eric Coffin