From the Desk of Irwin Michael – May 15, 2015 As we head towards the latter part of May and the long weekend, we have seen positive signs of strength, particularly in the U.S. market. While there is still considerable variance in stock prices, many share values in our portfolio have been trending higher along with the overall market. On the currency exchange front, we remained committed to having 80% of our $U.S. exposure hedged against a potential decline versus the Canadian dollar. In fact, the Canadian dollar has appreciated over the past two weeks and our U.S. forward hedge is providing currency protection. While there have not been many economic news releases, U.S.retail sales numbers came in slightly below expectations. This announcement has led to volatility in the bond market over the timing of the Federal Reserve’s decision to increase interest rates. Nevertheless, we remain positive on the global economy and the market’s outlook and continue to search for companies with free cash flow, positive earnings growth, and good business prospects. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.