I and my valued partners at Avenue Investment Management learned long ago that when it comes to investing, it pays to be contrarian. This makes sense because we believe the market is not always efficient or rational and that short-term news often disguises the long-term prospects of the business. In addition, many companies fall “out of favour” or are misunderstood and, as a result, stocks of these companies trade below their long-term intrinsic value. This is what we look for because we invest primarily in companies that trade at significant discounts to our assessment of their intrinsic value. If you would like to know more about investment philosophy, visit us online at avenueinvestment.com or give us a call (416.482.2004 | 888.482.2007) and ask to speak to Bill. That’s right. There are no middlemen. You can speak directly to me. Still not sure? Read our ten commitments. Then compare that with what our competitors offer. Some will make a handful of similar commitments. Only Avenue Investment Management makes them all. • Independent and Active Investment Analysis Process• No hidden fees• Partners Invested Alongside Clients• Appropriate and Effective Asset Allocation• Comprehensive Investment Portfolios• Segregated and Arms Length Client Accounts• Transparent Client Communications• Uncompromised Integrity• Professional Standards and Governance• Personal Commitment