September 2021 Pricing Commentary The month of September tends to be a volatile month for the stock market and the past month was true to form: As Brandon Michael, senior analyst at ABC Funds commented: “Investors can breathe a sigh of relief now that September, historically the weakest month of the year, is in the books. We’re now in October, a month that is typically associated with bullish reversals and above average monthly returns. Using seasonality as a guide, we are heading into the best four month stretch of the year.” On a positive note, we were pleased that the following ABC Funds’ Canadian holdings registered solid gains for the month: TD Bank, TC Energy, Enbridge, Keyera, and Pembina Pipeline. Our three main American outperformers included McDonald’s, Thermo Fisher Scientific, and Salesforce.com. In summary, we reiterate that we are optimistic with regard to the economy and common stocks leading into 2022 and remain fully invested. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.