Sabre Chase - No prior investment history. Goals include learning about investing and making money.
Gerald McClurg - Investment history varied. Has invested in a few stocks. No prior experience with an investment club. Primary goal is learning with a group of people.
Derek Pomery - No specific goals. Interested in learning and practicing investing in a low-risk way. Would like to find a way to use entropy in an investment strategy.
Nick Sarwark- Approximately 1 year of investing experience. Interested in the market and its variations. Feels fairly competent, but would like to learn more in a low-risk environment. Reads the Motley Fool, which recommends equity stocks as the best investment options. Would like to use the club members' different areas of expertise in evaluating stocks.
Bryan Zervos- Two and a half years of investing experience. Has dabbled in both options and stocks. Has friends with a lot of investment experience, including the chairman of the CUC Alumni Finance Commitee.
Jacob Aaronson -No previous investment experience. No specific investment philosophy. Primary goal is financial security, and learning how to obtain it. Hopes participating in an investment club will help.
Nick - Mentions that balancing the different extremes amongst members when making investment decisions is one of the important functions of the club. Notes the widely varied histories of the different members, and how that is an advantage to the club.
Investment Club Basics (19:30 - 20:00)
The club will exist as a partnership, with the sole goal of buying and selling other companies. Each member will hold a percentage of the club, accounted for and updated on a regular basis to reflect dues paid in, proceeds taken out, and the changing value of the club's holdings.
Everyone with a share of the club will be a partner. In addition to the regular partners, there will need to be some special partners to fulfill specific duties. Note: This list is not set in stone, and is subject to cange based on the votes of the members and needs of the club. These include:
The club's accounting will be done using generally accepted investment club accounting methods, with records being available to club member's upon request, and a monthly report being prepared by the financial partner for each meeting.
Each member is only allowed to purchase shares up to 20% ownership in the club, though a member's holdings may grow above 20%, they are not allowed to make contributions until such time as their holdings drop back below 20%. This ensures that one person does not have too much control over club business.
Club dues will be $25 per month initially (pending approval at first official meeting).
Investing fees (commisions, etc.) should stay under 3% as a rule. It was agreed that an online discount broker would be the club's best option until the club built enough capital to keep the fees down with other options.
Plans/Action Items (20:00 - 20:45)
While there was general agreement on the fact that a broker should be online, which broker has not been chosen yet. Some possibilities include:
Choose a name
Potential names for the club have been discussed, with the final choice to be made at the next meeting. Current candidates are: