MINUTES OF INVESTMENT CLUB MEETING

Sunday, July27, 2003

MEMBERS PRESENT: Gay Chestnut, Ike Chestnut, Gretchen DuRant, Greg Joseph, Deborah Hauges, Elsie Jones, Renee Patterson, Nancy Pierre and Mr. Cox (new member candidate)

MEMBERS ABSENT: Lee Hollie, Toni Pinckney, Sallie Williams and Preston Younger

MEMBERS ON LEAVE: Zandra Coles and Tabatha Williams

MEETING COMMENCED: 4:00 p.m.

  1. INSPIRATIONAL QUOTE: Motivational reading “Don’t be Afraid to Look at Your Faults from "Acts of Faith" read by Greg.
  2. MINUTES: Reviewed of June 29th meeting Minutes on website. Minutes amended and accepted as read.
  3. VISTORS/NEW MEMBER CANDIATES – Mr. Cox was introduced to the group as a new member candidate
  4. FINANACIAL STATEMENT: Valuation statement was not available due to technical difficulties.  Stock valuation was taken from Elsie’s personal Yahoo WIG portfolio.
  5. ECONOMIC REPORT: Greg introduced a new topic to be added to the monthly agenda.  Members are encouraged to follow the news and pulse of the economy and inform the club.
  6. STOCK UPDATES: Stock-watchers were appointed for Advance Neuro Systems (Elsie) and FTI (Nancy).  Janice and Lee will look into having all our dividends reinvested in both the brokerage account and the DRP accounts.  It was suggested that each stock watcher should also track their stocks top 2 competitors and know what stage of growth your stock is in.

STOCK NAME

STOCK
SYMBOL

# OF SHARES

ADJUSTED STOCK
PURCHASE PRICE*

STOCK CURRENT
PRICE


PERFORMANCE

ADC Telecommunications

ADCT

50

$10.22

$2.15

Down (-78.96%)

Apollo Group, Inc.

APOL

25

$39.13

$63.99

Up (63.53%)

Advance

ANSI

30

 

 

Up (7.08%)

Bed Bath & Beyond

BBBY

25

$27.22

$39.10

Up (43.64%)

Cheesecake Factory

CAKE

75

$32.17

$35.25

Down (-29.24%)

FactSet Research

FDS

50

$32.09

$42.88

Up (37.11%)

FTI

FNC

75

 

 

Up (7.71%)

General Electric

GE

80

$31.93

$28.62

Down (-4.85%)

Johnson & Johnson

JNJ

97

$52.33

$51.54

Down (-0.19%)

Lowe's

LOW

50

$43.46

$43.12

Up (10.32%)

Nokia

NOK

50

$21.77

$16.65

Down (-29.72%)

Pfizer

PFE

50

$34.86

$36.00

Down (-15.91%)
  • Adjusted price refers to actual cost (Reflects dollar cost averaging - price, administrative costs, splits, etc.)

 

 
  1. B.I UPDATE: Gregg discussed the cover story "Managing your Portfolio” in the August issue p.  The article points out tips from seasoned investors on how they manage their “successful portfolios”.  Gregg emphasized one tip “Buying what you know”.
  2. BUY/SELL DECISIONS
    Motion was made by Gregg to sell all (50 shares) of ADCT to cut our losses – all in favor
    Motion was made that we purchase $1200 of GE to improve our dollar cost average.
  3. PRESENTATIONS:
    1. Outstanding Presentations:
      • Lee due to present in July.
      • Preston due to present in September (1st meeting)
    2. It was suggested that we check all current news on a stock that is being presented i.e., stock splits, saturation point etc.
  4. COMMITTEE UPDATES: *(Chairperson of the committee)
    1. Portfolio (Janice, Elsie, Deborah & Sallie) Committee will prepare and distribute Pert summary at each meeting to help us in any buy/sell decisions.  The Pert committee will work with the education committee to have workshops on understanding the PERT reports.  We anticipate having a quarterly review at the 2nd September meeting.
    2. New Members (Toni, Gretchen, Nancy & Preston): Reviewed New Member
    3. Scholarship and Fund-Raising: (Ike, Greg, Zandra, Tabitha, Gay & Sallie) A bus trip to see a Nets game was proposed and we  agreed and voted to purchase tickets
    4. Real-Estate (Gretchen, Janice & Greg): Need to re-convene.
    5. By-Laws (Renee, Greg, Gretchen and Lee): Need to re-convene.
    6. Education (Renee & Greg): Quick review of GE’s SSG and Toolkit 4 was distributed to all the members present. Reminder; Homework due 2nd Sept. meeting.
    7. Audit (Lee): Not needed at present.
  5. ISSUES AND/OR NEW BUSINESS:
    1. Changing Officers: Elections for all offices will be held on Sept. 7th; members will be nominated and voted by secret ballot.
    2. Setting A Sell Price: A discussion was led by Gregg that we should set a “sell price” this issue was not resolved, as it needs to be further researched and discussed.
    3. Leave of absence: Correspondence was mailed out to Tabatha who was due to come back in July and to Zandra due to comeback in September.
    4. Misc.: Annual class or report is due no later than the January meeting.
      Food: 2nd meeting Sept. Gretchen & Renee---October – Elsie and Janice

Meeting adjourned at 7:30PM