From the Desk of Irwin Michael – November 13, 2015 Despite market volatility and investor concerns with regard to US Federal Reserve policy, global economic growth etc., several of our ABC common stock holdings reported solid quarterly results this week. Two examples include Equitable Group and Stingray Digital. Equitable Group announced excellent quarterly performance which beat estimates. This positive surprise was driven by higher margins and lower loan losses.Furthermore, mortgage originations hit a new Q3 record primarily due to strong housing markets and market share gains. Also, the company increased its dividend by 5%. Looking ahead, we anticipate improved stock price performance coming from increasing loan growth, expansion into underserved markets and a very attractive valuation. Likewise, Stingray Digital Group reported strong results, with revenues up 24% year-over-year due to M&A, foreign exchange and organic growth. The company’s international revenue grew significantly at 50.2% year-over-year and will continue to become a larger share of company revenues. The company sees future growth through its M&A pipeline, with plans to acquire 3-5 companies per year. With growing revenues, free cash flow and dividends, we see a bright future for Stingray. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.