*** MAY 27, 2003: (PREVIEW) IT'S BASEBALL SEASON, TIME FOR DOUBLE HEADER: Tonight, the whole meeting will be devoted to our speakers presentations and Q/A sessions. For we have a pair of presentations, both from "the SEC": that's the Pennsylvania SEC and the U.S. SEC!
I'll bet you didn't know that not only does Pennsylvania have an SEC, but it's widely regarded as one of the best in the country. State SECs have an important role in investor protection, regulation and enforcement (Elliot Spitzer, the New York Attorney General is one Billion Dollar Plus example of state-based enforcement). So the Pennsylvania SEC is on the front line for most of our chapters members local problems.
In contrast, the Federal SEC gets the front page coverage if only for the high profile national problems they handle. Yet, together they must weave a web of protection and guidance for the engine of capitalism.
It's important for investors to understand what both agencies can do to protect us - and what responsibilities we individually have to protect our own wealth. Both propound regulations, enforce various laws and surely a letter from either or both has ruined many a miscreants lunch.
Mr. A. Richard Gerber, ESQ. the Pennsylvania Commissioner of the Pennsylvania Securities Commission will start of a 7:PM while at 8 PM Ms. Catherine F. Pappas, Senior Trial Counsel of the Philadelphia District Office of the U.S. Securities and Exchange Commission will bring us up to date on Federal responsibilities.
We all understand that, even in normal times, money, greed and fraud come together - and intangables like sercuries are great vehicles for the dishonest. In modern times, it's almost become a Wall Street Art Form, leading now to a fairly substantial revamping of corporate governance and securities regulations. So these two key players will tell us what the authorities can do as well as what our responsibilities are to keep the game as honest and possible. They'll be discussing their traditional role and how recent events have influenced their efforts. Along the way, we might expect to hear a tale or two or woe and outrage from the real world of fraud.
Also, we'll all learn what these agencies can't do for us. While they propound sensible regularions, once the defrauder acts, your money is the first victum. Only then can enforcement step in to clean up the wreckage. So it's true, the alert investor must be the real front line of responsibility. It's your money, you have to exercize responsible management. You also have to know when it's time to contact the authorities for help and even intervention, both before and after!
Together, we all can do much to ensure a more responsible future for the investing environment and our own portfolios.
Here's a chance to brush up on your bond basics, learn the who/when/how of bond investing and perhaps pick up some tips on how he uses his bond manager crystal ball to keep a step ahead on fixed income investing. It's been documented that a properly balanced stock-bond investment mix can optimize both return and risk so savy bond investing could become more important part of your portfolio management technique.
FOCUS: NO HAPPY RETURNS: Unless you "put it all in bonds" a few years ago, your 2002 tax return should drive home to you how rough a year it's been for most investors. Paying capital gains taxes on a mutual fund that actually when down could be the worst insult. Thinking which Money Market Fund will be first to "break a dollar" (fail to make enough interest to cover operating expenses, and so to cover them out of your principle) is enough to scare an investor on prospects in 2003. It's almost enough to make you long for a wift of inflation!
For today, it seems traditional investment rules are not behaving, even the ones governing investment refuges. Tonight, we'll take a walk through some of these traditional (and non-traditional) refuges to look at possible plusses and minusses.
The reason for the move is due to the "January Effect". No, not the usual one on the stock market, but the new Congress and the Humphrey-Hawkins law. Yes, that's the one that mandates an appearance by Dr. Greenspac in those hallowed halls. During that period, officials at the Fed stay in a "quite period", with no public appearance and pronouncements to mar these mandated events in Washington. So in February, Dr. Taylor will be able to report not only on his findings but on what went on in Washington, what initiatives in congress may bear watching and how economic activity has gone half way into the active winter of business activity. In short - Later, but Better and well worth waiting for.
(A production error caused posting of October and November Meeting updates to be omitted or posted in summary form. The following are short versions of those omitted postings. Please accept my appologies. If you ever note a missing update, please send an e-mail to J. Schott (see Contact Us page for the auto addressing e-mails)
Our own Dr. Jerry Levin will present the Focus presentation, one designed to compliment Mr. Meaghers presentation. As you know, Jerry not only offers a "tell it like it is" approach - he backs up his concepts and conclusions with his own data analysis and studies of other market Guru's. Unlike the flim-flam we've gotten from famous (and wrong) Wall Street Analysts, Dr. Levin is fact driven.
So here' a pair worth hearing and understanding.
>li>TUESDAY, SEPTEMBER 24, 2002: Mr. Albert H,. Brinkman (Director of Equity Derivatives Marketing, Philadelphia Stock Exchange) "The Next 10 Awful Years: Stagnating STocks and STingy Fixed Income - But There Is a Third Alternative. Reversion to the Mean - tough years often follow the good ones. That looks like a vision for the stock market for our new century's initial decade. So say leading investors such as Warren Buffet.
That means investors have to look for alternatives. Mr. Brinkman suggests that Sector and Index Options offer an alternative for many investors. And the PHLX is at the center of much of this activity, making derivatives that full investors needs. So we have the right man to tell us the ins and outs of a form of investing that has many advantages, including:
Implimenting Loss Protection/Limiting Strategies
Participate in Industry / Sector Trends (Index funds are not the only way to do this)
Generate Income
FOCUS (7 PM): Where to find Options Information on the WEB. Raw Options Data isn't all you need to play the "Options Game" proficiently. Luckily, the Web offers both tremendous educational resources and loads of data. The Exchanges and the OIC are not the only resources; for even the most popular proprietary options sites offer both training and data, much of it free.
Tonight, experienced PHLX staff will guide us through some of the best sites to get that education and the data we'd need to evaluate options potential as well as playing the "options game".....
Remember, Tuesday October 1st is the initial fall meeting of our Options and Special Strategies SIG. As you might expect, we'll start the meeting discussing and evaluating what we learned from the September Chapter meeting. But that won't be all, for OPS SIG meetings are chock full of interesting discussions and presentation. By mid-September, we'll post a preview of that Octover meeting. So here's another opportunity to learn more about Options and the place they should have in your portfolio management scheme. Check our OPS SIG Web Page for more information on these interesting SIG meetings.
A name you likely don't recognize is that of Barry Strudwick, a Baltimore private account investment manager. But, I predict it's a name that should become famous. For Mr. Strudwick is an idea man. His popular Baltimore radio shows include his "Thoughts for the New Age" (keen insights into how the economy and market are permanently changed in this New Age - and how you can take advantage of this as an investor) and his list of "Power Points" (suggestions on interesting investment strategies giving you a tactical investment advantage - by using your head).
For example, do you know that more than 90% of all annuity holders are really saving to support Uncle Sam and the tax code, not themselves or their heirs. His Strudwick "Power Point" not only tells you about this costly problem, but suggests a practical way to disinvite Uncle and keep the money at home. It's one of more than 40 ower Points, each seemingly more inciteful than the last.
For an advance "listed" to Mr. Strudwick, his popular Baltimore radio show is now on station WYPR at 88.1 FM on Sunday at 4 PM. If you have internet audio, try a visit to the WYPR audio archives.
Our FOCUS presentation will be "What is the Market Telling Us and How is It Doing it?". That's not merely opinion, it's the numbers game. Learn about who the market itself talks to investors, some indicators and indications you may not be familiar with and more.
First, we found a fine speaker in Ms. Susan Springsteen, of Legg Mason (the same house that Bill Miller built and which gave us Bob Hagstrom as a great speaker last year). Since our chapter has a tradition of vetting potential speakers; the recommendation came from a savy senior member who had only recently heard her speak elsewhere.
Ms. Springsteens topic will be "The Great Investors - How would they handle todays uncertain markets?" The ancient Chinese curse "May you live in interesting times." might be the market report of the day. Stepping into the shoes of some of the classic great investors to see how their principles can guide us would be a great help in preserving both capital and sanity. So from Buffett to Graham and even perhaps to Bill Miller, let's see what those luminaries can teach us about surmounting F.U.D (fear, uncertainity and doubt)
A second (and welcome bonus), several other name speakers who could not make our November meeting date (so soon after Thanksgiving) said they'd be happy to speak at a future Chapter meeting. So we gained not just one good speaker for November, but a whole group of speakers, also really fine ones, for our upcoming 2002-2003 season. Way to go, Steve!
The November FOCUS topic is unchanged. It's called "Market - Sector - Security". We've all heard "Don't fight the market." and other similar homolies. That's because, "on the average", much of the movement in a security is a function of movement in the Market itself and in the Sector in which the security trades - not the security itself.
That's a caution and the root of a few ideas. It clearly suggests that even the best stock opportunity may have a poor time of it in a weak market/sector environment. It certainly explaines the brief Dot-com phenomenon of recent years, where many briefly became investment geniuses by ignoring good investing practices.
So how can we use this knowledge to improve our own investment performance - and why blindly following it might it also be a trap. (Statistics Kill! Remember the statician who drowned wading in a river whose average depth was only 15". Seems he forgot about the dredged shipping channel included in the average.) To learn more, get some new ideas, locate free information sources and more, come early for the 7 PM focus presentation.
His presentation was excellent, exceeded only by the knowledge and savy he showed in a lively Q/A sesson that followed, Yes, I'm excited by a speaker who really knows his market, the economy and why things are the way they are plus how they are going to be.
His topic then was "Where are we, how did we get here and where are we going." It was an interesting and pointed assessment of the stock market and world economic conditions that created our current economic malaise. In his October presentation, we can expect more than an update on his thoughts on this important topic.
Listening, you'd have though him a great economist, a brilliant market savant, a great value investor - but he never even mentioned that he's also a value fund manager. But those talents must have stood him in good stead, for the Mullenkamp fund is strongly in the black in this year of market red ink.
His presentation then, and in October, contains information and perspective valuable to all investors, not just fund mavens. It's witty, interesting, informative. I urge you to come to gain a good perspective on the market, the world economy, and attractive investment opportunities (plus what to avoid now).
> Tonight, we'll also welcome a number of Mullenkamp fund shareholders to the meeting. So say hello to any strangers you meet and invite them to our local AAII activities......
FOCUS: Tonights Focus presentation (7PM) is "Technical Analysis, For Me?". You can be assured that T.A. is indeed a useful investment tool for all investors. You don't have to be a stock trader - every investor in Funds, Stocks and other securities can use T.A. to improve understanding of the market and hopefully his/her profits. T.A. is more than the often obscure "Indicators" the T.A. mavens talk so mysteriously about. T.A. includes a lot of techniques that are so simple that a keen eyeball and perhaps a pencil and straight edge are all you need to have. We'll teach of few of these techniques, where you can get the needed data free or at little cost and why, when and where to apply your knowledge.
[This presentation is an extension of a targeted talk given at the October MF SIG, but has application beyond just Mutual Funds. It will serve as an introduction to another more specific Technical Analysis Focus to be presented later in the season.]
: Welcome Mr. Mark Hulbert as our featured speaker at the opening meeting of the AAII Philadelphia Chapter 2001-2002 season. Mr. Hulbert is widely known for his rigorous (just ask the newsletter writers) analysis of the nations newsletters and how they perform. He tracks their buy-sell recommendations, forming model portfolios for each writer. He then calculates the loss or gain you'd have gotten by following their advice. Out of this data, he's often been able to identify what makes these guys portfolios prosper or fail, how they really make their money and more.
It's been about 5 years since this popular speaker spoke to our Chapter. A lot has changed and his analysies have become more refined and sophisticated. So for an undate and whom you should trust, why and how, join us in September.
FOCUS: Our September Focus presentation (7P.M.) is titled "Why read newsletters?" As Mark Hulbert will show us; a lot of newsletter writers, like many fund managers, just don't beat the market averages. Moreover, those that do may achieve respectable performance only at the cost of inordinate portfolio risk.
So is it hope, ignorance or what that makes us all buy and read newsletters. Our mini-panel will discuss some newsletters they read, how they use them and what result's they've gotten. Plus, we'll discuss some of the new "on-line" news letters", how they differ and what they provide.
For example, do you know that more than 90% of all annuity holders are really saving to support Uncle Sam and the tax code, not themselves or their heirs. His Strudwick "Power Point" not only tells you about this costly problem, but suggests a practical way to disinvite Uncle and keep the money at home. It's one of more than 40 ower Points, each seemingly more inciteful than the last.
Our FOCUS presentation will be "What is the Market Telling Us and How is It Doing it?". That's not merely opinion, it's the numbers game. Learn about who the market itself talks to investors, some indicators and indications you may not be familiar with and more.
First, we found a fine speaker in Ms. Susan Springsteen, of Legg Mason (the same house that Bill Miller built and which gave us Bob Hagstrom as a great speaker last year). Since our chapter has a tradition of vetting potential speakers; the recommendation came from a savy senior member who had only recently heard her speak elsewhere.
Ms. Springsteens topic will be "The Great Investors - How would they handle todays uncertain markets?" The ancient Chinese curse "May you live in interesting times." might be the market report of the day. Stepping into the shoes of some of the classic great investors to see how their principles can guide us would be a great help in preserving both capital and sanity. So from Buffett to Graham and even perhaps to Bill Miller, let's see what those luminaries can teach us about surmounting F.U.D (fear, uncertainity and doubt)
A second (and welcome bonus), several other name speakers who could not make our November meeting date (so soon after Thanksgiving) said they'd be happy to speak at a future Chapter meeting. So we gained not just one good speaker for November, but a whole group of speakers, also really fine ones, for our upcoming 2002-2003 season. Way to go, Steve!
The November FOCUS topic is unchanged. It's called "Market - Sector - Security". We've all heard "Don't fight the market." and other similar homolies. That's because, "on the average", much of the movement in a security is a function of movement in the Market itself and in the Sector in which the security trades - not the security itself.
That's a caution and the root of a few ideas. It clearly suggests that even the best stock opportunity may have a poor time of it in a weak market/sector environment. It certainly explaines the brief Dot-com phenomenon of recent years, where many briefly became investment geniuses by ignoring good investing practices.
So how can we use this knowledge to improve our own investment performance - and why blindly following it might it also be a trap. (Statistics Kill! Remember the statician who drowned wading in a river whose average depth was only 15". Seems he forgot about the dredged shipping channel included in the average.) To learn more, get some new ideas, locate free information sources and more, come early for the 7 PM focus presentation.
His presentation was excellent, exceeded only by the knowledge and savy he showed in a lively Q/A sesson that followed, Yes, I'm excited by a speaker who really knows his market, the economy and why things are the way they are plus how they are going to be.
His topic then was "Where are we, how did we get here and where are we going." It was an interesting and pointed assessment of the stock market and world economic conditions that created our current economic malaise. In his October presentation, we can expect more than an update on his thoughts on this important topic.
Listening, you'd have though him a great economist, a brilliant market savant, a great value investor - but he never even mentioned that he's also a value fund manager. But those talents must have stood him in good stead, for the Mullenkamp fund is strongly in the black in this year of market red ink.
His presentation then, and in October, contains information and perspective valuable to all investors, not just fund mavens. It's witty, interesting, informative. I urge you to come to gain a good perspective on the market, the world economy, and attractive investment opportunities (plus what to avoid now).
> Tonight, we'll also welcome a number of Mullenkamp fund shareholders to the meeting. So say hello to any strangers you meet and invite them to our local AAII activities......
FOCUS: Tonights Focus presentation (7PM) is "Technical Analysis, For Me?". You can be assured that T.A. is indeed a useful investment tool for all investors. You don't have to be a stock trader - every investor in Funds, Stocks and other securities can use T.A. to improve understanding of the market and hopefully his/her profits. T.A. is more than the often obscure "Indicators" the T.A. mavens talk so mysteriously about. T.A. includes a lot of techniques that are so simple that a keen eyeball and perhaps a pencil and straight edge are all you need to have. We'll teach of few of these techniques, where you can get the needed data free or at little cost and why, when and where to apply your knowledge.
[This presentation is an extension of a targeted talk given at the October MF SIG, but has application beyond just Mutual Funds. It will serve as an introduction to another more specific Technical Analysis Focus to be presented later in the season.]
: Welcome Mr. Mark Hulbert as our featured speaker at the opening meeting of the AAII Philadelphia Chapter 2001-2002 season. Mr. Hulbert is widely known for his rigorous (just ask the newsletter writers) analysis of the nations newsletters and how they perform. He tracks their buy-sell recommendations, forming model portfolios for each writer. He then calculates the loss or gain you'd have gotten by following their advice. Out of this data, he's often been able to identify what makes these guys portfolios prosper or fail, how they really make their money and more.
It's been about 5 years since this popular speaker spoke to our Chapter. A lot has changed and his analysies have become more refined and sophisticated. So for an undate and whom you should trust, why and how, join us in September.
SEASON SUBSCRIPTIONS: Back by popular demand, the Chapter Meeting season subscription. Members (plus their guests) can lock in a big savings, ensure a seat and avoid the bi-monthly task of registering to attend after you receive with each bi-monthly bulletin. It takes no more time than registering for the September meeting.
Just take a look at the September member bulletin for full details. Or, send a note plus a check for $35 per subscription to AAII Philadelphia Chapter, c/o Andy Street, treasurer, 281 Gypsy Road, King of Prussia, Pa. 19406-3722. Please include your membership status, names of those you are purchasing subscriptions for plus your phone number, e-mail address and/or mailing address along with the check.
Then, arrive at each Chapter meeting, identify yourself as a Season Subscriber and walk right in. FOCUS: Our September Focus presentation (7P.M.) is titled "Why read newsletters?" As Mark Hulbert will show us; a lot of newsletter writers, like many fund managers, just don't beat the market averages. Moreover, those that do may achieve respectable performance only at the cost of inordinate portfolio risk.
So is it hope, ignorance or what that makes us all buy and read newsletters. Our mini-panel will discuss some newsletters they read, how they use them and what result's they've gotten. Plus, we'll discuss some of the new "on-line" news letters", how they differ and what they provide.
The following is a history of past meetings. Earlier historical summaries can be found at the CHAPTER EVENT HISTORY.
FOCUS: At last falls' Inquirer Intelligent Investors Conference, Dr. Jerry Levin (our own dependable Chapter Secretary) give an interesting presentation entitled "What is the S&P - 500 really worth?" to an overflow audience His evaluation model, using readily available data and simple calculations, provided us all with a tool to match our predictive wits with the market gurus - and perhaps come out on top. For those who doubted, it took quite a drop in the market to show how right his fall assessment was!
Now, with the market now showing signs of recovery, yet still off it's highs; it's time to revisit the topic. For those who heard the original, we need an update. For those that missed this benchmarking of the broad market, it's a chance to get on board with a simple technique to add to your investment toolkit. So, again, "What is the S&P-500 worth today?" It back into realistic territory? If not, what might we expect in the future? So, come early as Dr. Levin reFOCUSes his crystal ball; with a look backward - and a look forward.
Mr. Fitzpatrick will discuss where he thinks real-estate investing opportunities lie today, what to look for in a good property and the people managing it plus how he's found and picked some of his best recent purchases for his fund. So whether you'd pick a fund, buy a real-estate oriented stock or even think about being the next "Donald" through direct holdings; this will be an educational event you don't want to miss.
FOCUS: Doug Moe, a Value Investor SIG member and top SIG analyst-presenter, will be our Focus Speaker at 7 PM. When it comes to value analysis, As SIG members already know, Doug is a quintuple-threat presentor. First, he'll analyze an appealing stock target, one offering current investment appeal to many of us. Second, Dougs analysis (based on information we can all get free on the Internet or at a local library) will be hard hitting, accurate and insightful. Third, you'll be impressed by the look-and-feel of his presentation; clear, easy to follow and focused. Fourth, Doug looks beyond what even the professionals do to find and evaluate special factors that set his selectioned stock ahead of other candidates. Fifth, Doug logical approach shows you that you, too, can perform a quality analysis of any stock - easily, quickly, accurately and professionaly.
At our 7 PM Focus presentation, Mr. Ari Rosenbaum of Netfolio (AAIIs official on-line portfolio provider) will discuss Netfolios approach to helping investors via the Internet. His talk "The Future of Investing: How to Benefit from New Investing Strategies", highlights both the free Netfolio services available to AAII members through our AAII Web site and added benefits available from Netfolio full offering. (Note: He'll also outline special Netfolio pricing for AAII members using these additional services.)
Our Focus presentation will be on information sources - what's new, what's best and how to use them. We'll talk not only on the sources, but the new dynamics of corporate information flow brought on by new SEC rules against selective disclosure and how that is already reshaping our markets and investment knowledge base. Be informed, be prepaired and be successful.
If you have been fortunate enough to squeeze in to hear Jim's lively presentations at the Money Show (or other venues), you'd know you are in for an interesting evening - with fresh, timely and original perspectives and suggestions. In September, he'll provide his views of five aspects of investing we should all master. While Jim weekly columns often focus on "New Economy" stocks, he's as up to date on opportunities in the Old Economy investments many of us still hold. (His famous Top 50 list selections bear that out, as they include the best of both worlds.)
His stock picking prowess is impressive. Jim's public managed lists show performance that a lot of well known stock pickers and mutual fund managers would die for. Jim not only recommends new stocks, he's up front about when to get out - and why. But it's not just the numbers that count. Uniquely amoung top stock pickers I know, Jim goes back and analyzes both his occasional disappointments as well as his frequent wins. He knows that his real value to his readers is not in immediate results (great though they are), but the education and understanding that make us all better investors in the future.
No Jubak presentation would be complete without his rapid fire Q & A sessions. Jim has a real talent for converting his enormous knowledge of stocks into a concise appraisal of your stock. Yet, he's not bashful in suggesting better alternatives when you suggest a less favored one. So bring a stock or two to talk about plus a thick pad and several pencils - for you'll be storing away great ideas at a fierce rate throughout the evening.
FOCUS: With Jim's information packed presentation following, we'll start off the evening with an overview of the MSN Money Central site and it's many features. We will also introduce you to thoughtful Jim's columns and his two (yes, two) "50 Best Stocks in the World" lists. (There's one for the long term investor, and another for those with a 12-18 month horizon, while his columns often highlight shorter term opportunities.)
Even more revolutionary has been the pioneering SFE shareholder relationship. Most venture capital (V.C.) firms are closely held. SFE is a public corporation. That means SFE shareholders get an advantage normally available to only the partners of storied west coast V.C. firms. As incubated firms reach viability, Safeguard spins a part of them off via Initial Public Offerings (IPO). Normally, SFE retains a large stockholding for itself. The market value of the newly floated shares reflects into the shares SFE still holds, increasing the value of the SFE shares. Moreover, SFE shareholders are also allocated right to purchase additional IPO shares for themselves (an opportunity small investors seldom have). The SFE shareholder thus becomes a double winner - gaining from both the increased SFE share price and their personal holdings in the new IPOs.
Mr. Musser will tell us how SFE has stayed on top of this sophisticated, high risk and rapidly changing field. Perhaps he'll also give us a peek into the future of the exciting future that his firm has and will make possible for it;s newest creations. For it's not only the future of SFE, but the future of America's high tech advantage that we'll be seeing.
FOCUS: Isabella, the South Sea Bubble, John D., Two Bills, Mike and a Bunch of Angels. Incubators, such as SFE, have done much of the venture capital "heavy lifting" to create todays high tech American business environment. But not every startup is so lucky to gain the sponsorship of an experienced partner such as SFE. We'll hear some stories of funding these startups, raising venture capital, and some VC players from the past, present and future. Some amazing, some funny and perhaps, some tragic.
Focus: Keeping up with the Economy - knowing where to get the data and what it means is an important skill for any investor. Once Dr. Taylor teaches us the basics, what you learn in this mini-seminar will help you keep yourself up to date - and hopefully ahead of most investors.
Postponed FOCUS: Tips for Mutual Fund and even Stock investors. (Changed) Our Mutual Fund SIG is planning something different - a dialog on investment techniques. Bob Hahn and Phil Shapiro, two SIG leaders, will discuss key investment techniques (for both Fund and Stock mavens), contrasting their own sometimes differing viewpoints. As Phil says - there are no black and whites in investing, only shades of gray.....
The Focus presentation starts at 7:00. The topic was "The Web Fund-Jockey" - addressing how (and why) the Internet can be a source of help for the novice or experienced We also had a special presentation from the Social SEcurity Administration and had a chance to get our personalized account statement months in advance of next years Millenium report from the SSA.
We'd also like to congratulate four lucky area investors, each of whom as won a pair of tickets to adifferent AAII Chapter meeting. As you can expect, most entrants picked the November meeting, so those who picked the other months had a better chance to win:
OCTOBER: Mr. Michael Shore of Holland, Pa.
NOVEMBER: Ms. Rosemary Kuzner of Philadelphia, Pa.
JANUARY: Mr. John Kozak of Philadelphia, Pa.
Mr. Kozak may use his ticket at any later meeting, due to the January postponment.
MARCH: Mr. Andrew Venezia of Norristown, Pa.
These investors have been notified. We look foreward to seeing them at these interesting meetings. We also look foreward to seeing those who didn't win a ticket at an upcoming AAII event. Between our big-speaker Chapter Meetings and our working group SIGs, AAII Philadelphia Chapter is a valuable adjunct to an AAII membership. Even if you are not an AAII member, you can attend these local events. For more information, click on the AAII hyperlink listed in the following paragraph.
Editors Note: We got to hear Dr. Fisher on Monday eve. What an impressive speaker - with unique techniques to analyze the state of the market. Don't miss this one. To help you even more, AAII will give free admission to one high school student facing this problem in the next two years, along with each ticket you buy for yourself. Make your budding PhD a partner in the future as they gain a realistic view of what a college education costs and how they can help make their dreams come true. Just be sure to reserve space by May 15th. Use the coupon that came with your May meeting announcement or contact Andy Street (using the shortcut on the Contact Us page on this site).
Remember, you don't have to be an AAII member to attend - so invite a good friend or relative facing this situation, too. Non-member admission advance rates are just $2 more than member rates.
Focus Presentation, (starting 7 PM): Math for Investors, the simple view. Most folks like their math to stop with the basic four: 2+2 , 2-2, 2*2, and 2/2. But every investor should use a few advanced functions to help with investment planning and evaluation. We'll conduct a mini-cram course on the math investors need most. Don't be afraid, if you can't add - we'll also give you tips on where you can get planning information, on-line and pocket calculators that can help plus some other tidbits for the non-mathematical. These tips won't make you the money you need, but they surely will help you understand what you need to meet your objectives and how you are doing in getting there.
Dr. Dickson is well qualified to speak on this topic. His 1994 thesis was on this very topic. Before coming to Vanguard in 1996, where he focuses on evaluating potential advisors for Vanguards funds; his duties with the Federal Reserve Board and the Advisory Council on Social Security regularly involved evaluation of tax efficient investing. So, if you want to earn more by maximizing your after-tax returns, this meeting is the place to learn from a real expert.
Focus Presentation (starting 7 PM): Our own Paul Reitman will present what he jokingly calls "Mutual Funds 1001, a post-graduate course in Mutual Fund Investing Tips". Anyone who has met Paul through AAII, his many SIG activities or one of the courses he teaches on Mutual Funds know what a savy, thorough and thoughtful investor he is. If you attended his recent presentation at the October Investors Conference you also know that he'll pack an amazing amount of useful information into this "very short course". So come early and hear two good presentations!
Pre-Meeting FOCUS: ROTH-IT: For many of us the ROTH IRA offers considerable advantages over a conventional IRA. The Roth Rollover option lets even those with existing IRAs get into the act. Moreover, during 1998 there's a special on-time tax advantage in rolling over your existing IRA into a ROTH. Conventional thinking says the ROTH is for youngsters - but that's not true. Find out how only one answer to the following three questions is really important: 1.) Are you over 59 1/2?, 2.) Do you have the money to pay the taxes on the rollover outside your existing IRA, 3.) How quickly will you need to draw on the ROTH thereafter? Pre-meeting FOCUS presentation: John Mannino of our Options and Strategies SIG gave a fact filled presentation on why a conservative investor should consider Options as a part of a sound investment strategy. John explained how options work, how a conservative (and even a risk oriented) oriented investor would employ them and expanded our Options vocabulary. Be sure to add the next meeting of the OPS SIG to your schedule to learn more. The premeeting FOCUS presentation will introduce investment novices to market basics. If you want to expand your investment IQ, start here - and visit SIG meetings to learn more about the market. He's not a "buy-and-hold" type, especially when keeping your eyes open to investment news provides so many hints an individual investor can use to trade on fundamental trend changes. As he showed with many examples, it isn't rocket science. Many firms (and their officers actions), clearly forcast future developments through news releases and other publically available sources. In today's Internet Age, an individual investor can assemble and analyize such information almost as quickly as Wall Streets Best.
Using his tips and systems, the individual investor can overcome many of the psychological barriers that often prevent you from maximizing your return. Everyone makes mistakes, but the biggest mistake is failing to acknowledge them and getting tied into a loosing investment. If you missed this great meeting, it's time to visit the local library or book store to bone up of his techniques.
Don Cassidy, of Denver, Colorado, is a senior research analyst, closed-end funds, for Lipper Analytical Services, Inc. He is the author of three books on personal investing, one bearing the same title of this
program.
May's Focus: was on fun. Instead of the usual 7:10 pm Pre-program Focus presentation, we had a Social Hour, lasting 'til 8PM.
Preliminary Information, MAY 2002 Meeting: Our May speaker is Mr. Dan Weiner, publisher of the respected Independent Vanguard Observer. While not sanctioned by Vanguard, this informative and timely publication keeps Vanguard shareholders informed on what's New and News at our favorite local Fund Manager. In his presentation, he'll be telling us the latest news on Funds, Managers and Portfolios
Preliminary Information, MARCH Meeting: A name you likely don't recognize is that of Barry Strudwick, a Baltimore private account investment manager. But, I predict it's a name that should become famous. For Mr. Strudwick is an idea man. His popular Baltimore radio shows include his "Thoughts for the New Age" (keen insights into how the economy and market are permanently changed in this New Age - and how you can take advantage of this as an investor) and his list of "Power Points" (suggestions on interesting investment strategies giving you a tactical investment advantage - by using your head).
JANUARY Meeting: He's lively, he's controversal, he's always interesting. Yes, he's Fred Sherman! And this special night, he's ours for a fine presentation and what should be a pointed Q/A session. Mr. Shermans Topic - What does he see in todays markets, and what can we do to take advantage of the situation. That's something we all should be thinking about, so tonights presentation and discussion should help us all focus on how to react in these changing times.
TUESDAY October 23, 2001: Our speaker tonight is Mr. Ron Mullenkamp, founder and president of the Mullenkamp fund. Mr. Mullenkamps fund is unusual in the year 2001. It's up! But that's not why we invited him. When I first heard him in Florida in February, I was impressed for several reasons:
SEASON OPENING CHAPTER MEETING: THURSDAY, September 27, 2001.
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