Harper has scared away foreign investors, especially for juniors.  Article from yesterday ....

 

Foreign investors continued their love affair with Canadian debt in November, even as they continued to show a lack of interest in Canadian stocks.
 
The latest international securities data from Statistics Canada, released on Thursday, showed that foreign investors bought $5.58-billion worth of Canadian securities in November.
 
But while foreigners loaded up on Canadian bonds ($1.7-billion worth of purchases) and money market instruments ($3.8-billion), they only bought a paltry $38-million worth of Canadian equities. In comparison, Canadians scooped up $1.6-billion worth of foreign equities during the same time period.
 
“The lack of net flow in equities continues the twelve-month trend,” said Greg Anderson, head of Citigroup’s G10 FX Strategy in North America.
 
Krishen Rangasamy, senior economist at National Bank, noted that overall, the November data shows that foreign investors may be cooling their interest in Canada securities from the levels seen in the third quarter. But he notes bonds are still going strong.
 
“The deceleration is primarily in equities and money market instruments,” he said. “Net foreign demand for Canadian bonds seems to have improved further from Q3′s strong levels, although the strength is primarily in corporates.”
 
The data in the last 12 months does seem to suggest Canadians are more interested in foreign stocks than foreign investors are in Canadian stocks. Naturally, a part of that is likely the TSX’s underperformance in the last two years relative to global markets. Roughly 44% of the TSX is made up of energy and resource stocks, which have fared poorly in the last couple of years.