From the Desk of Irwin Michael – July 15, 2016 The past week has been characterized by positive financial and economic announcements which have taken the various equity indices significantly higher since the lows after the U.K. Brexit results. Notably, the American technology, health care, consumer goods and financial stocks have started to perform better including ABC favourites such as Amazon.com, PepsiCo, Microsoft, Becton Dickinson and Google. As mentioned last week, with global interest rates at generational lows and while American common stocks are not dirt cheap, they are comparatively attractive with high dividend yields and respectable growth potential. Additionally, with widespread global uncertainty, there is a growing attraction of American safe haven investments. Overall, we remain confident with our investment themes and expect solid performance for the balance of the year. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.