Sunday 8, 2002

MINUTES OF INVESTMENT CLUB MEETING

Sunday, July 28, 2002

1. Minutes of the June 30, 2002 meeting were read and accepted.

2. Gay expressed a need to spend more time learning about the SSG and stocks.

3. Valuation statement distributed. Some stocks in our portfolio have been decreasing.

4. Stock Updates: Deborah advised club that JNJ is under investigation. Ike read an article regarding Pfizer. “Pfizer may be first of many drug deals”. Ike, GE third quarter earnings jump 25%- as per article dated 7/22/02. Current price GE $27.80. Nancy, JNJ price went down 7% decrease. Stock Contest: Deborah in the lead 46.25% increase (FT1) current stock price $40.00, purchase price $27.35. Total Return, look at for individual stock and CA return. Need definition for both. Contest will end in December 2002

5. Toni: Suggestion for Operation-group should come with certain rules re: PE ratio. Interpret on our own if it fits guidelines. Example: Nokia and ADTC, we receive good information and sometime we forget about industry. Technically, we should look at anything over 21. Renee: Stocks brought for more than its worth, PE ratio high. Preston, group should have guidelines to follow. Toni, PE higher, chances are, example: split may not reach as high as what we paid. Gretchen suggested that maybe brother-in-law who is a trader could come to next meeting.

6. Toni read article from Black Enterprise “Time to Buy”, also Business Week article “Picking Stocks Very Carefully”.

7. Agreement was made for group to continue to invest.

8. Sally: Funeral Providers, breakdown of what area to go into. Toni, suggested casket companies, Renee, suggested franchises probably, Greg, chemicals. Sallie also suggested Winholt; manufacturer of food carts. Will also look into funeral stocks. Renee, check value line to see what the funeral business is broken down by.

9. Greg suggested that the entire group investigates a company (new stocks).

10. Renee-SNP does not normalized figures, Value line does. SNP looks at hard numbers, Value Line does not. Estimated earnings per share, SNP low, Value Line high.

11. Check website for a list of stocks to watch.

12. Deborah: stock contest, since group doing individual stocks, are we changing criteria for stock contest? Use watchlist, which was presented previously.

13. Presentation of stock:
    September 8, 2002 - Gretchen, Toni, Same
    September 29, 2002 - Janice, Greg Zandra
    October 27, 2002 - Preston and Nancy
    November 17, 2002 - Gay and Tabatha
    December 15, 2002 - Lee and Ike
    Presentation can be made on any stock.

14. Renee: complete SSG and stock check list and bring information to table also.
    Company: Coach, Krispy Kreme, and Best Buy
    Value line, SSG and stock check list on line. Toni issued user ID and password for Value Line online.

15. Presentation of stocks presented by Renee: ITT, Apoilo, Devry (Educational)
    * Apollo Group Inc. Company interested in for stock contest. Apollo Group Inc. (University of Phoenix), degree on line, stock split 3/2. No suggestion to purchase, only stock entry.
    *Place on watchlist Apollo Group “A”. Greg made recommendation to purchase. Unanimous vote made by club to purchase stock Apollo Group “A”. Current price $36.68.

16. New value line due August 2002

17. Reviewed Wealth Investment Group Partnership Agreement dated 7/20/02, which is on the website. #21-voluntary withdrawal added.

18. Renee, we need to start doing SSG for companies that we purchased, also need to evaluate stocks. Deborah, Janice and Renee to work on for next meeting

19. List of milestones due next meeting

20. Beneficiary Forms, next meeting

Meeting adjourned at 6:30 PM