From the Desk of Irwin Michael – October 21, 2016 Looking back at the macro landscape very little has changed over the past few months. Investors are still speculating when the U.S. Federal Reserve will initiate its next interest rate increase and on the outcome of the November 8th U.S. presidential election. Moreover, the election campaign has been fraught with nasty accusations and insinuations with very little specific discussion on economic and financial issues. Lost amidst these concerns have been the unexpected positive Q3/2016 corporate results for a number of companies including Microsoft Corp., Bank of America, Netflix, J&J, Goldman Sachs, and Morgan Stanley. At this point, we are placing far greater importance on improving company prospects, rather than the generally known macro concerns. Furthermore, we expect that greater investment clarity should result after the November 8th election leading to improved investor confidence and equity performance. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.