September 2015 Performance Commentary

The various market indices fell precipitously during the month of September. The declines ranged from -1.5% to -6% largely due to continued concerns and lack of clarity with regard to decelerating Chinese economic growth, uncertain U.S. Federal Reserve interest rate intentions and the expanding Volkswagen emissions scandal.

Nonetheless, we are heartened by continued low interest rates, a gradually improving U.S. economy, respectable corporate earnings results and a Canadian economy that is bouncing back from a first half 2015 technical recession. We maintain that the present market weakness is temporary and represents a correction within the bull market. Furthermore, we believe that the current negative market psychology is overdone and that the final three months of 2015 should provide for attractive investment returns.

Irwin A. Michael Signature

Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.

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