Leroy Cain - Widely varied investing history, including stocks, mutual funds, foreign currency exchange, and futures. Has had the most success with stocks and mutual funds over the past year or so. Still developing a philosophy. Goals include getting out of debt and building up $150K in capital.
Joel Schander - No investment history or philosophy yet. Goals include developing a philosophy and learning the tools necessary for financial security.
Joel Stevens - Investment history limited to baseball cards. Family has been both positive and negative role models when it comes to investing. Hasn't developed a philosophy yet. Goals include getting out of debt and learning to invest wisely.
Esther Whieldon - Investment history limited to stocks received as gifts. Learning to invest, though hasn't started investing actively yet. Major philosophy points include investing as if the market will close for the next five years, staying cool, and researching for oneself. Goals are gaining more knowledge and pooling resources with the group.
Scheduled Business (19:40 - 20:15)
The names mentioned last meeting were discussed, as were two newcomers, Acorn Investing Group and Red Disc Icon. After narrowing the choices to four (Ship of Fools, Acorn Investing Group, Red Disc Icon, and Black Orchid Investors), Ship of Fools was chosen. The results were as follows:
Suretrade was chosen out of the 5 possibilities as the club broker. The vote was unanimous, with the primary reason being that Suretrade had the 2nd best commissions and the lowest initial required deposit ($0).
Officer Elections Voting was done to fill the five available officer positions. These are:
Partnership Agreement and Bylaws
The proposed partnership agreement was reviewed and approved by all otf the members present. Some bylaws were suggested by members after discussion. Both will receive final approval at the next club meeting.
Plans/Action Items (20:15 - 20:30)
Apply for EIN
The Financial Partner will apply for an EIN from the IRS.
Apply for Suretrade Account
The Financial Partner will request the proper forms and apply for a trading account from Suretrade.
Sign Partnership Agreement
The Presiding Partner will circulate copies of the Partnership Agreement amongst the members for signature before and/or at the next meeting.
Research Potential Investments
The Assistant Presiding Partner will follow up with the members assigned stocks to research.