From the Desk of Irwin Michael – September 25, 2015 Despite the extreme market volatility due to the Federal Reserve’s decision to hold interest rates unchanged, lower growth expectations in China, oil and metal price variability, Volkswagen, etc., one solid performing area has been the consumer specialty sector. We highlight three such holdings in our ABC Funds that are free cash flowing, growing sales and earnings, dividend-paying, dominating their niche and approaching new 12-month highs: Foot Locker Inc., an athletic apparel retailer operating Foot Locker, Ladies Foot Locker, and Champs Sport stores, is a consumer favourite when it comes to popular shoe brands as well as an array of other sports related gear. Activision Blizzard Inc., an entertainment software provider, operates a number of well-known video game franchises, some of which have been consistently breaking sales records for several years as new games and new versions of its popular products are released. Electronic Arts Inc., a publisher of branded entertainment software, known for its sport franchises and Star Wars game, offers gaming for computers, handhelds, and video game consoles. Similar to Activision, Electronic Arts continues to earn recurring revenue for its ever improving must have video games. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.