April 2018 Pricing Commentary The extreme stock price volatility experienced in February and March continued into the month of April. However, the excellent quarterly earnings and revenue beats of a number of our favoured portfolio holdings including Amazon, Facebook, Microsoft and Visa enabled all five ABC Funds to produce positive April investment performance. More importantly, we maintain our optimistic view that the North American and world economies are solid and that common stocks should end 2018 noticeably higher than current levels. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.