CINCINNATI MODEL INVESTMENT CLUB (CINMIC)
Greenhills Municipal Building
MINUTES for February 19, 2005

Attendance:
Name	Here	Proxy		Here	Proxy	
Don Bunnell, Presiding Partner	Yes		Lois Hatch	Yes		
Marge Daniels, Recording Partner	Yes		Tracey Homburg	Yes		
Marty Eckerle, Fin. Partner  10/18/03	Yes		Harvey Pickrum	Yes		
Jim Hurt, Education Partner	Yes		Virginia Purdy	Yes		
Dene Alden	Yes		Joyce Shinn  08/21/04			
Mike Clore, As’t Treasurer 08/16/03	Yes		Mary Thomas			
Bernie Franks  08/21/04	Yes		Marybeth Long-Wolff, Ass’t Secretary			
Jerry Gerverdt  07/17/04	Yes		10/15/04			
Mike Griffin  09/17/04	No	Marty	Gretchen Hurt serves as Receptionist			

Don Bunnell opened the meeting at 9:30 am.  There were 12 guests observing.
The secretary’s report, which was E-mailed and uploaded to BIVIO, was approved by voice vote.
The treasurer’s report, also previously e-mailed, was approved and accepted for audit.  The 2004 K-1 reports have not been sent out.  Marty will mail them before the end of February.  Lois asked for an explanation of the Total Return and CA Ret columns on our monthly financial reports.  No one had an answer.  Perhaps that will be a topic for a future education segment.  In the meantime, Don asked Marty to delete those columns.

Old Business:  Don took a moment to thank Joyce Shinn for her two years as Treasurer and for training Marty.  
He gave a brief update on the quest to renew the group subscription to Value Line.  There has been no success.  Value Line will not extend the offer.

New Business: none

Education Segment:  Jim Hurt “Doing an Aggressive SSG”.  Jim gave details of how to use an Aggressive SSG when considering to sell a company when the price is high.
Harvey commented that he does both conserve ative and aggressive SSG’s before he buys.

Stock Presentation:  Gerry Gerverdt gave a lot of background for the Energy Sector  -
Devon (DVN) over the long term they might grow.
Newfield Exploration (NFX)
Cross Timbers Energy (XTO) –large company.  Old management.
Kinder Morgan (KMI) – a limited partnership.
Every one of these was at the top of their price bars.  The SSG is designed to look for Growth Stocks with “railroad tracks” and these are all cyclical commodities.  We want to buy when the P/E is high, because it’s cyclical.  We need to know why all earnings dipped in 2001.

QUICK REVIEW OF PORTFOLIO
Name	Ticker	Tracker	Range	Comments	
	ACS	Marty	HOLD		
Doral	DRL	Tracey	BUY	Lost $94 mill. hedging	
Home Depot	HD	Joyce	HOLD		
Lincare	LNCR	Marge	BUY	But medical is already 20% of our portfolio	
UT Starcom	UTSI	Virginia	BUY	Price is in free fall – restated 2003 financials	
Helen of Troy	HELE	Mary Beth	HOLD		
Johnson & Johnson	JJ	Dene	HOLD	Hold while they absorb Guidant acquisition	
L-3 COM	LLL	Gerry	HOLD	Slowdown in defense spending	

Watch List:
Name	Ticker	Tracker	Range	Comments	
Walgreens	WAL	Harvey	HOLD	Overpriced	
Gentex		Harvey	BUY		
Kohls	KSS	Harvey	BUY		
Pfizer	PFE	Harvey	BUY		
Biomet	BMET	Harvey	HOLD		

Investment Decisions:  
Harvey reminded us of our club rule that we always buy enough to keep the brokers fee at 2% or less.  He suggested that we limit buys to at least $900.  Therefore he moved that we buy $500 more of Doral.  Mary Beth moved that we buy more Lincare.  Don asked for a vote to decide which to vote on first.  Doral 8, Lincare 6.  We voted on Doral yes 14, no 2.  Marty will buy $500 Doral.  Then Lois seconded Mary Beth’s motion, so we voted on Lincare.  No 12, Yes 4. 

Future Presentations:
Date	Presenter	Industry	Companies	
3/19/05	Mary Thomas	TBD	TBD	
4/16/05	Marty Eckerle	TBD	TBD	
5/21/05	Denise Sivitz?			
6/11/05				

Announcements:  Gretchen reminded everyone of the Edufest in April.  Mary listed the classes being offered. Intro to Investing 2/26 and Understanding the SSG 3/5 and 3/12.

Next Meeting:  Will be at 9:30 A.M. Saturday March 19, 2005 on second floor of the Greenhills Administration Building at 11000 Winton Road.

Respectfully Submitted by,
Marge Daniels, Recording Partner
513-825-3756
mhdan@infionline.net