November 2019 Pricing Commentary The bullish market tone continued into the month of November with both American and Canadian stock indices reaching 2019 highs. Although several important geopolitical concerns have yet to be resolved, a surprisingly positive 2.1% second estimate of U.S. third quarter 2019 GDP was announced just before month end. This encouraging statistic should temper pessimists’ recession fears. More importantly, all five ABC Funds produced positive November performance either matching or outperforming our respective index benchmarks. Contributing to our returns include Canadian stock holdings: Bank of Montreal, Brookfield Asset Management, Brookfield Renewable Partners, National Bank, Northland Power, and Suncor Energy. Our top performing U.S. securities were Adobe Systems, Alibaba, Apple, Broadcom, J.P. Morgan, NVIDIA, Mastercard, and Microsoft. Looking ahead, we expect these positive market trends to continue to the end of 2019 and into the new year. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.