We have been anticipating elevated market volatility, whether it’s coming from Greece’s debt crisis (see below), the Fed’s interest rate intentions, or uneven economic data. Troubling as the headlines may appear, we think the risk of contagion is lower than previous debt crises and we see market weakness as an opportunity rather than a reason to panic. Earlier this year we moved to a neutral stance on both Canadian and U.S. equities and have been recommending higher than normal cash balances as a strategy to ride out the current bout of volatility. Although recent geopolitical concerns have wiped out YTD gains in both Canadian and U.S. equity markets we continue to expect mid‐single digit returns in these markets on a full year basis. As such, we are seeking opportunities to deploy excess cash during the current volatility into relatively conservative, large‐cap, dividend‐paying companies.