November 2015 Performance Commentary After significant investment outperformance in October, November was relatively flat. Despite November’s volatile equity market, we believe that we are approaching the end of the tax loss selling period and anticipate stronger common stock prices during December and into early January. Our optimism is based on greater U.S. Federal Reserve interest rate clarity, improving U.S. economic activity, and improving employment statistics, along with healthy consumer spending. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.