Below is Pinetree's results. Note that $3.04 net asset value of its varied holdings compared to the fact that it closed yesterday in Canada at $2.27. While I'm no math whiz that tells me that is trading at a rather significant discount. Disclaimer....I own some PNP.

TORONTO, Ontario (November 10, 2010) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its unaudited financial results for the three and nine months ended September 30, 2010.

During the three months ended September 30, 2010, Pinetree had net income of $114.2 million, as compared to $63.8 million for the same period last year. The net income was primarily from net investment gains of $141.9 million in the quarter, comprised of $136.9 million in unrealized gains on investments and realized gains on dispositions of investments of $5.2 million. Earnings per share were $0.84, as compared to $0.48 per share in the three months ended September 30, 2009.

For the nine months ended September 30, 2010, Pinetree had net income of $66.9 million, as compared to $137.1 million in the same period last year. The net income was primarily from net investment gains of $91.2 million in the period, comprised of $75.5 million in unrealized gains on investments and realized gains on dispositions of investments of $16.2 million. Earnings per share were $0.49, as compared to $1.04 per share in the nine months ended September 30, 2009.

The composition of Pinetree’s investment portfolio (accounted for at fair value) by sector as at September 30, 2010, as compared to December 31, 2009, is outlined in the following table:

{Sorry for some reason the table doesn't copy and paste but in general 43% PM, 17% Base, 18% Uran/coal, 9.9% oil/gas, 6% lithium/rare earth}

As at September 30, 2010, total investments at fair value was $467.4 million, as compared to $366.7 million as at December 31, 2009, while the total number of investments decrease to 420 from 429 as at December 31, 2009. Three hundred and seventy-eight of the investments or 90.0% (December 31, 2009 – 383 or 89.3%) were in the resource sector, consistent with Pinetree’s primary investment strategy.

Net asset value per share increased to $3.04 as at September 30, 2010, from $2.19 as at June 30, 2010, and from $2.53 as at December 31, 2009.

“During the quarter, we saw some stability return to the Canadian equity markets and many of our portfolio investments began to yield positive returns. We have been cautiously optimistic over the last several quarters and are now starting to see the benefits of our longer-term approach to investing in the small and micro-cap commodities sector”, commented Sheldon Inwentash, Pinetree’s Chairman and CEO. “Our early investments in lithium and rare earths, as examples of our ‘ahead-of-curve’ investing, have started to gain momentum and we are also starting to see a return to the uranium sector, where we continue to have leverage through what we think are some of the preferred junior-cap names”.