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MINUTES OF INVESTMENT CLUB MEETING

Sunday, April 25, 2004

MEMBERS PRESENT: Gay Chestnut, Ike Chestnut, Gretchen DuRant, Deborah Hauges, Elsie Jones, Greg Joseph, Renee Patterson, Arthur Powell, Nancy Pierre, Toni Pinckney, , Tabatha Williams, and Preston Younger
MEMBERS ABSENT: Janice Hackney, Lee Hollie and Sallie Williams

MEETING COMMENCED: 3:45 pm.

  1. MINUTES: Minutes of April 28 read and pending due to necessary corrections needed.

  2. MISCELLANEOUS:
    1. Ike handout "water vs. coke".
    2. Awards presented to Toni, Gretchen and Greg for their services.

  3. ECONOMIC REVIEW:
    1. fundraiser money should be kept in separate account in Atlantic Bank
    2. No fee banks discussed and Greenpoint savings was suggested, as they offer a "no fee for business".

  4. FINANCIAL REPORT:
    1. Elsie feels that transactions should not be part of the minutes, only the discussions.
    2. Preston did not get Ameritrade statement on time for meeting.
    3. The number differences on report are based on the purchase of bright horizons stock not listed—causing portfolio not to have a total dollar value.
    4. The only reports expected monthly are: quarterly history, member’s status reports and transactions, and valuation statement.

  5. B.I.: Tabatha had nothing to report

  6. EDUCATION:
    1. Rules for investment success reviewed by Renee, out of survey taken by club we came up with our own strategy; discussions re when to buy and sell, price tolerance and the quantity of stock purchase. The WIG rules for investment success sheet was given out and revised. While IBD is a good source of information, we should consider reading different reputable financial magazine books, web sites etc.
    2. Deborah feels stock watchers should watch their stocks daily and inform group of any change ASAP.
    3. Investment club self-assessment survey reviewed by club, we are FUNCTIONAL.

  7. OLD BUSINESS:
    1. Deborah talked about Hot topics, still looking at historical price and would consider buying some of their competitors stocks, Urban outfitters.
    2. Anniversary discussed for next month meeting we will be meeting at Green Symphony.

  8. NEW BUSINESS: none

  9. STOCK UPDATES:
    Apollo Group, Inc. No news
    Advanced Neuromod No news
    Bed Bath & Beyond No news
    Cheesecake Factory Deborah read an article about cheesecake.
    FactSet Research No news
    FTI Consulting No news
    General Electric No news
    Johnson & Johnson No news
    Lowe's No news
    Nokia No news
    Pfizer No news

  10. BUY RECOMMENDATION: No purchase-not knowing the amount of money available Deborah rasied question as to whether we want to continue purchasing more of stocks that are under performing rather than those that are doing well. On table, 25 shares of BBY, to be purchased when we have adequate money available. All agreed to purchase.

  11. HOMEWORK: Stock to watch, Walgreen and Express Script. SSGs to be done on both companies in 2 groups:
    1. Walgreen: Toni, Renee, Greg, Janice, Arthur and Nancy.
    2. Express script: Tabatha, Elsie, Gretchen, Gayle, Deborah and Preston.

Meeting adjourned at 7:30 pm.
Copyright & copy; 2001, D. Hauges
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