December 2018 Pricing Commentary The year 2018 was an erratic investment year fraught with extraordinary security price volatility. Interestingly, despite good corporate earnings, dividend increases, and share buybacks, the major North American stock indices all ended the year with negative returns. In spite of a difficult financial environment, the ABC Funds outperformed their respective benchmarks in 2018. Looking ahead, we remain quite optimistic for 2019 largely due to relatively low interest rates and energy prices, solid employment and consumer spending, and expected U.S. 2019 economic growth of 2 – 2.5%. Moreover, in the event of any resolution of macro concerns, such as the U.S./China trade war, Brexit, North Korea, and softening U.S. Federal Reserve intentions, the North American equity markets could be significant beneficiaries. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.