August 2015 Performance Commentary Global equity prices during the month of August were extremely volatile and weak. Nagging uneasiness about Chinese economic growth and its fragile equity market, speculation on the U.S. Federal Reserve interest rate policy, worries about the U.S. economy, softer commodity and metals prices, etc. have bothered investors. As a result, poor investor psychology combined with late summer seasonality have added to a very thin and fickle market place. On a positive note, Q2/2015 North America corporate results have been respectable with a number of companies increasing dividends and buying back shares. More importantly, and an unexpected bright spot was the fact that the U.S. Q2/2015 GDP was revised upward from a 2.3% growth rate to 3.7%. We believe that this news should portend even better corporate results for the balance of 2015 and into 2016. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.