May has turned out to be another strong month. The old saying of sell in May

and go away would have been costly to long term investors. World events

remain front and center especially in regard to Iran and the Strait of Hormuz,

but it does appear we have some progress with this situation, and we are seeing

some ships get through. Having said that I do feel it still will be a longer drawn-out

process. Earnings have been strong and going forward this trend seems to

be continuing even with the world events and higher oil prices.

In Canada, we saw some very strong results and dividend increases from our

banks and the guidance still appears fine. Our oil companies should also be big

winners with the higher oil prices and commodities have the same tailwinds, so

I expect some more positives out of our country.

The U.S. market continues to be ruled by the semi-conductor industry, and I

do feel the valuations and future growth potential are getting a little ahead of

themselves. Eventually everything returns back to normal. This has left some

very good areas under appreciated and with a strong economy these areas will

get noticed eventually when the growth in the semi-conductors slows down.

I still see lots of good potential in the U.S., and we have been accumulating

slowly. With markets at highs and world events that are worrisome it does cause

concern for a potential pullback. A pullback is a welcome event, and I actually

would very much welcome a pullback as it is a very healthy occurrence in a bull

market. I do not see a recession in the cards yet and with a healthy job market

things remain looking good going forward.

Europe has had some stress with the Strait of Hormuz being closed and it has

caused more issues there than here and we remain light weighted in Europe.

China has struggled this year but with the recent trip by the U.S. President and

an envoy of U.S. executives it does appear the line of communication is open.

This may be good for business, and I will continue to see how this develops but

it does appear to be better going forward.

Overall, we still have good potential for volatility at any time with news

headlines, but the trend remains intact, and any weakness should still be

bought in the right areas. We are prepared to do just that.