January 2019 Pricing Commentary North American stock markets rebounded significantly during the month of January from the late December 2018 price lows. Having maintained an optimistic investment stance and fully invested portfolio positions entering 2019, our ABC Funds recorded meaningfully positive returns in January and outperformed their respective benchmarks. With a more dovish U.S. Federal Reserve monetary policy, solid American employment statistics, greater political clarity out of Washington, generally positive Q4/2018 corporate earnings results, and no signs of an impending economic recession, we expect improved common stock performance for 2019, albeit, with temporary periodic price volatility. Irwin A. Michael, PresidentI.A. Michael Investment Counsel Ltd.