(A Top Pick March 3/09. Up 37%.) Have about $200 million in cash and securities. Extraordinarily well run. Have a small piece of the Voisey Bay royalty and merchant banking operations that have given them spectacular gains.

Merchant banking operation for the non-public opportunities that come in. Good valuation. Likes their agricultural focus.

(A Top Pick March 3/09. Up 204.6%.) Acquired by Royal Gold (RGI-T).

Likes the US geothermal space. They get very generous subsidies. Focus is not to find geothermal but to finance, build and operate geothermal plants. This company has the best range of experience in this space. $150 million cash.

(A Top Pick March 3/09. Up 171.1%.) Still likes.

Has one of the better geologists in the Pacific Northwest. Focus on Lucky Shot is a mistake. Could find a joint venture partner who would come in and develop without them having to do it. Doesn't think they have the experience/capacity to develop it themselves.

Principally focused in the Dodsland/Viking light oil play in Saskatchewan. Very competent management, which has a acquiring/exploit focus. Important to budget 5 to 8 years for it to gain enough weight to make you money.