From the Desk of Irwin Michael – June 30, 2016 Over the past six days investors have experienced great shock, an overreaction and subsequent recovery from the surprising negative outcome of the U.K. referendum on remaining in the European Union. Interestingly, there might be a positive effect on North American assets, and in particular, U.S. stocks, bonds, real estate and the U.S. dollar. For instance, those international investors who have become increasingly uncomfortable with the present financial environment in the U.K. and the European Union, we believe, could be inclined to redirect their present and future investments from Europe to North America. It is our sense that the U.S. economy with slow but steady economic and employment growth, low interest rates, a strong currency, solid corporate earnings and relative political stability could become a significant beneficiary of “peace of mind” international investment funds. Consequently, we remain optimistic on U.S. equities. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.