From the Desk of Irwin Michael – February 26, 2016 The Q4/15 earnings season has been characterized by considerable variability, although many of the ABC Funds’ holdings have reported consistent, strong results. On February 23rd, The Home Depot reported excellent Q4 and full year 2015 performance, which beat analysts’ expectations on both the top and bottom lines. The 2015 revenue and earnings per share were $88.5 billion and $5.46 versus expectations of $87.9 billion and $5.40, respectively. Worldwide same store sales numbers increased an impressive 5.6% and 7.1% for the US, respectively. Furthermore, the quarterly dividend was increased 17% from 59¢ to 69¢ providing an annual dividend yield of over 2%. Overall, these results confirm the continuing strength of the US housing recovery and managements’ successful strategic initiatives. We believe that The Home Depot will outperform as the U.S. economy improves further. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.