We anticipate that 2010 should be a reasonably profitable year for stock market investing. However, we do not foresee a replication of the extraordinary returns of 2009 which were largely due to a recovery from deeply oversold market conditions. Looking ahead, we expect global securities markets to remain extremely volatile within a rising price trend. It is our view that while investors' conviction and stamina will be tested throughout the year, many worthwhile opportunities should occur through disciplined stock selection and prudent trading activities.
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