February 2022 Pricing Commentary As we entered the month of February, investors’ primary macro financial concerns were higher interest rates, pending U.S. Federal Reserve tightening actions, and inflation. The current geopolitical tensions at hand have caused considerable volatility in the financial markets, producing a major mispricing of common stocks. We believe the present negative sentiment for equities will wane and investor rationality will be restored. Consequently, we are retaining our portfolio positioning with the expectation of improved investment markets this year. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.