David Fuller's view The Stock Preference listings on page 3 are particularly helpful. Mining is a cyclical sector and the global economy is currently experiencing a cyclical downturn. However, this may change over the medium term if Fullermoney's hypothesis for an Asian-led economic recovery becomes apparent next year. Meanwhile, valuations among mining shares are low generally and most of the shares show evidence of support building prior to medium-term recoveries.

Full disclosure - my personal long-term investment portfolio holds Morgan Stanley's first three recommendations: Rio Tinto, BHP Billiton and Vedanta. I have further exposure to these and the broader sector via the BlackRock World Mining Trust.