The Twelve Magnolias Investment Club
Minutes of the Monthly Meeting
Tuesday, September 14, 1999, at the home of Marisol Vega
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Call to order. Presiding partner Frances Whitaker called the meeting to order at 7:05 p.m., after we finished Marisol's chicken and rice, which several members asked to have entered into the minutes as outstanding. So entered.

Attendance. Fourteen of fifteen partners present. Gwen Latimore excused; she drove to Rocky Mount to help her sister's family get ready for Hurricane Floyd. Quorum present.

August minutes approved as read.

Treasurer's report (Carolyn Boyce, CPA). Monthly contributions received from all fifteen partners ($450.00; Gwen mailed hers). Dividends received in August were reinvested. Cash on hand after deposits: $612.18. Total club value at the September valuation: $41,612. Value per unit: $19.64, down slightly from August, which Carolyn reminded us is what markets do some months. Report accepted.

Portfolio review. Each stock has a member who watches it and reports:

• Coca-Cola (Ruth Ogunleye): Ruth gave her monthly defense. Discussion followed, at some length. Ruth will update the Stock Selection Guide with the new annual numbers for the October meeting and we will decide then whether to hold or sell. Until then, hold.
• Bank of America (Frances Whitaker): Frances reported on the merged bank's first year. Hold.
• Harley-Davidson (Jeanette Dupree): Our first full quarter owning it. Jeanette reminded us that we bought it to hold for five years, not five months. Hold.
• All other holdings: no changes recommended by their watchers. Hold.

Stock study. Delphine Harrell presented a Stock Selection Guide on AFLAC. The members agreed that the growth lines on the chart looked steady and that she had done a thorough job, including the part of the form most of us rush. However, at the current price the upside-downside ratio came out below our 3-to-1 guideline. Motion to add AFLAC to the watch list and revisit if the price comes down (Harrell/Boyce), carried 14-0. Delphine will keep the SSG current.

Purchase. Gloria Batts recommended adding to our position in Medtronic, which still passes on her updated SSG. Motion to buy additional shares of Medtronic with this month's contributions and available cash, limit order to be set by the treasurer (Batts/Vega), carried 12-2.

Education. Tanya Brooks showed us how to look up a company's recent news and its annual report on the World Wide Web at the library, and printed out a stack for anyone without a computer at home. The members thanked Tanya. Several members asked whether anything on the Internet can be trusted. Tanya said about as much as anything you hear at the beauty shop, which Bernice, our hairdresser, took with good humor. October's education segment: Nadine will explain the price-earnings ratio "in plain English, with no Greek letters."

New business.

• Y2K: after the discussion reported on our home page, the members agreed that each partner will keep her own copies of the year-end statements at home. No other action.
• Holiday party: Tuesday, December 14, in place of the regular meeting. Secret Santa limit $10. Bernice reminds everyone that the gift may not be a single share of stock in a frame, as that was done in 1997.

Next meeting: Tuesday, October 12, 7:00 p.m., at the home of Bernice Coley. Stock study by Marisol.

Adjourned at 9:12 p.m., with a prayer for everyone in the path of the storm.

Addendum, September 18: After Floyd came through and the rivers flooded down east, the officers polled the partners by telephone on a gift of $150.00 from the social fund to the Red Cross for flood relief in eastern North Carolina. All fifteen said yes. Gwen reports her sister's family is safe and staying with her.

Respectfully submitted,
Nadine Faircloth, Recording Secretary