Chris Kuflik - ScotiaMcLeod Montreal

November 2011 has not been kind to investors. Many RRSP and cash accounts have suffered this month. Fortunately we have continued to hold higher cash positions which has mitigated the decline.  Despite improving economic fundamentals and increased corporate earnings in North America, the equity markets have witnessed sharp declines due to European concerns. This has left investors wondering if they will see a Santa Claus rally this year.

“They must be crazy…this is no way to run a country” is a recent quote from a senior executive of one of Greece’s largest companies. This appeared in a Reuters article on Tuesday in response to Greek Prime Minister Papandreou’s decision to call a referendum and a confidence vote on the European bailout package that they had originally agreed upon last week. His surprise decision, which shocked both members of his parliament and the EU, caused global equity markets to sell off yesterday. What does this mean for your RRSP and cash investments?