|Presiding Partner (President)||George Heim (Past President - Al Traynham)|
|Education Partner (Education V.P.)||Lloyd Mielke (Past Education V.P. - John Drewitz)|
|Financial Partner (Treasurer)||Jerry Doffing (Past Treasurer -David Pierce)|
|Recording Partner (Secretary)||Sam Charchian (Past Secretary - David Mitchell)|
Cosmopolitan Investment Club Meeting Minutes, OCTOBER 2020
DoubleTree Hotel, Bloomington * 6:30 - 8:30p * 3rd Monday's * $20 dinner meeting
Note: The DT Hotel has been sold, and dining is still closed, so we met online with the ongoing help of Lloyd Mielke who provided us with access to the Cisco Webex Meeting Application. We are all hopeful we can return soon. The staff at the hotel has also been changed.
Open: Club President George Heim dropped the gavel and began the meeting at 6:30 p.m. sharp. We lacked a quorem (less then 50% ownership), which means we cannot conduct business. Since Kurt and Dana Lensert have increased their investment, they are now jointly the majority ower of the club. When they showed up, along with Norm Grant, we wound up with a 74% of the club shares in attendance.. There seems to be some comfort as we get used to the Webex system. Several of us chose a cool background. These apps work best on a desktop or laptop. Using smartphones is much more difficult. There were no guests.
Roll call: With a quorum (over 50% ownership) were represented, so we were able to conduct business, without counting proxies. note: David Mitchell explained that if a quorum is present, absent members have no voice whatsoever. Proxies don't matter, unless we have less than 50% in physical presence. Is this true? Probably.
Special Orders: No matter what is happening, we break at midpoint for 10 minutes at 7:30. Also, the Education Report is set at meeting's end. Those who want to leave after 8:30 may, and those who wish to hear the education report can stay for the 15 allocated minutes to 8:45. Lloyd delivered the well-prepared Eduction Report on Options Basics until a bit past 9:00.
Meeting Minutes: Sam read the meeting minutes, but only the new business section. note: We could save some time here, by everyone reading these minutes online on meeting day.
Treasurer's Report: Jerry Doffing, as usual, read the comprehensive monthly treasurer's report: Since Jerry usually sends the Treasurer's report to all members on or a day before the meeting, I have dropped repeating it here. He pointed out that we're up $14,900 so far this year. So you can take your percentage of ownership and calculate how much taxes you will owe for 2020. This will be reflected in your k1 statement at years's end.
Please check your contributions since 1/1/20. If you have not made the required minimum contribution of $500.00 annually, consider making that at our next meeting. Five of our 18 members have not contributed for 2020 yet. This is not optional.
Membership: We are currently at 18 members with room for 2 more.
Current Holdings Analysis: A well-prepared Jerry, performed his fine analysis of our current holdings. His accompanying handout is usually an outstanding brief assessment of our stocks along with buy, sell and hold recommendations. It would be better if those who proposed an owned stock, make a monthly presentation about the stock instead of Jerry. Jerry made several mostly sell recommendations on our stocks for October. He followed up later with several motions to sell.
Current Holdings Actions: Jerry moved to sell all of our ADBE, AZN, Both COST Calls, LULU, MA and SHOP. All passed, leaving us with a ton of cash. He then moved to change our COST stock Sell-Stop to $365.00, which also passed. Lloyd moved to remove the both the Limit 100% Sell and the Stop-Loss at 50% from our SPY Put Options. That Passed. Then Lloyd moved to drop the 300 Puts (this is acting like downside insurance) on Election Day at noon. This is assuming the unlikely scenario we will know who won on election day..
***** 7:30 BREAK ****
Stock Presentations: Jerry presented "one of my favorite stocks"; GRBK, a Texas and Georgia homebuilder. This was followd by Sam presenting VRTX a medical pharma research company.
New Business: With our abundance of cash, Jerry moved to buy 45 shares of LULU with a Limit Order at $288.69. That passed. Jerry moved to buy 750 shares of GRBK at a more reasonable $16.69. Time was up.
The Finale': Once again, a very special THANKS to Lloyd who served as host for our virtual online meeting, and for agreeing to serve the club as Eduction Partner. President George did a outstanding job (as usual) of keeping the meeting moving and forcing compliance to Sir Robert?s Rules. George has turned out to be an excellent meeting leader.
Closing: It was 8:30. President and Chairman George Heim dropped the gavel, and invited the members to stay for Lloyd's education session, with prepared slides on the subject of Basic Options.
Education Report: Most members hung around for Lloyd's presention.
A reminder: Normally, a stock presentation should contain 3 elements: 1) some basic fundamentals, 2) discuss the chart looking for standard and/or unique patterns, and finally 3) offer the story (no numbers or charts) just talk about this company, sector and/or industry. These Covid-19 days, just #3 seems enough.
Comments: Sam has been club secretary for over 10 years. Your much beloved octogenarian secretary is going to retire for the next election, which is in December. If you volunteer to run for the coveted office, you don't have to maintain this website, (I would be happy to show you how to maintain it), however, all you need to do is send an email with mostly motions that were made and passed and any critical news for members who missed the meeting. You can keep it pretty simple.
-2018 Liar's Poker Highlights-
We have lost several Liar's Poker Players, so here are some old highlights, until we admit some daring souls who would like to play. Here's last October 2019 highlights:
We had 7 players for Liars' Poker with the inclusion of Dr. Dave and Tom Nyberg. We missed Tim Deegan, but were fortunate to have a good group playing. It started out with Dr. Dave determined to take the King of the Hill away from the pompous self-award bearing Norm Grant. After several failed costly attempts, Dave backed off. Art was his usual self, bidding conservatively sometimes, and then going forward like a madman with outrageous bids. Norm and Jerry were somewhat subdued all evening until late, when a miracle and a misstep by Tom Nyberg enabled the normally subdued Jerry to go for the Grand Slam. We were all shocked when he took the throne from Norm. Bill Kalina actually was a bit more aggressive, which caused him to overstep losing a few rounds. Sam, played brilliantly and left with a few bucks ahead. Art had a rough night...financially. As usual, Jerry made a few "love dates" during the game, as his mind seldom roams from "chicks" and "strippers", except when he was watching the Packers game on his phone. Winning K-of-the-H was a miracle. See photos below.
Section 2 article d.- Dumb-Ass-Loser Rule: If a slam bid is made (the bubble has none) and the total count is also zero, then the dumb-ass bidder (who went for the grand slam) is obligated to: rise, apologize, and pay out $2 to each player. Optional: He should apologize profusely to the King and offer him a drink.
Click on: Liars Poker Rules to play properly.
What is "Swine Investing?" Some say, "Bulls make money, and Bears make money, but pigs get slaughtered." We say rubbish! The Comsopolitan Investment Club contains members who are Bulls and some who are Bears. Yes, and even swine. We have Swing Traders, and "Buy & Holders". Some dabble in derivitives and Exchange Traded Funds. We sometimes buy for Capital Appreciation and sometimes for income. We have members who are very knowledgeable about stocks and others who know precious little. We have members who study charts and others who pour over balance sheets, income statements and cash Flow statements. Some are bottom-up investors, some are top-down. Some spit on the IBD and some spit on the Value Line. We've got 'em all, except you, so feel free to visit, and check us out at our next meeting. Oh yeah, we sometimes play "Liars Poker" following the formal meeting too. OINK!
Who are we? We are "Swine Investors" who meet on the Third Monday of each month. We are an "Open Club" to all levels of stock investors. Note that we are a dinner club and usually invest in the market each month. Several members of the group are also members of the Cosmopolitan Toastmasters Club. Several members are NOT. Use the Contacts links at the bottom of this page to ask questions and let us know if you would like to visit -just to "check us out". We are an "open" club with a maximum of 20 members. You are most welcome. Oink!
"It's much more important to avoid losing money than it is to make money. If you avoid the big loses, you make money almost by default.".......Jerry Doffing, SFTH International
"No one can outsmart the market; you treat the market like you're dancing with a gorilla. If it wants to lead, let it"......Norm Grant
"Market research tells you what happened yesterday. Sensitivity tells you where the world is going".....Wade Grantham
Typical Meeting Room
Where we started at the Park Plaza Hotel
"Arrogance destroys more money than stupidy" and "Broad Diversification is plainly and simply often a hedge for ignorance"...Past President, Richard P. Nyberg
Note: This is an actual group photo of 5 members (from left to right): Dave, Bill, Jerry, Norm and George. We meet on the Third Monday of each month at the same pigsty; from 6:30p to about 8:30. We are about a dozen members and have "dinner" (for $20), Later, several members play some competitive "Liars Poker". More Photos. You are most welcome to visit us.
Email Contact: WebMaster Sam Charchian