CINCINNATI MODEL INVESTMENT CLUB (CINMIC)
Greenhills Municipal Building
MINUTES for March 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	no	Marty	
Mike Clore, 08/16/03	yes		Mary Thomas	yes		
Bernie Franks  08/21/04	no	Marty	Marybeth Long-Wolff, Ass’t Secretary	yes		
Jerry Gerverdt  07/17/04	yes		10/15/04	yes		
Mike Griffin  09/17/04	yes		Gretchen Hurt serves as Receptionist	yes		

Don Bunnell opened the meeting at 9:30 am.  There were 8 guests observing.
The secretary’s report, which was E-mailed and uploaded to BIVIO, was accepted with corrections from Lois and Don.
The treasurer’s report, also previously e-mailed, was approved and accepted for audit. Mary asked that all columns be reported.  Marty will do that.  Dene asked to do valuations per the 1st of the month.  Harvey reminded us the date is specified in the by-laws.  Marty paid $7.26 postage to mail K-1’s.

Old Business:  
The Portfolio Diversification Chart has some incorrect formulas.  Mary will have it corrected by the April Meeting.

New Business:   none

Education Segment:  Jim Hurt presented education on Looking at Cyclical Stocks.  They are more difficult to analyze than growth companies.  Beginners should avoid these for now.  Must be aware of where the cycle is in its economy and where the company is in the cycle.

Stock Presentation:  Mary Thomas presented companies in the Steel Industry.
SCHN – Schnitzer Steel is mid-size, B++, 50.5% debt, general steel, auto parts
STLD – Steen Dynamics is mid-size, B+, 34.5% debt, 94% Institutions, has rockier years than SCHN.
STTX – Steel Technologies – processes rolled steel, supplies auto and appliances. Stock slit in January 2005. 39% debt.  Affected by oil prices.
WOR – Worthington Industries Inc. is near Columbus, OH. Process steel products
NUE – Nucor Corp is very large.
Cost of iron ore has skyrocketed recently. 
In conclusion, Mary recommended a buy of WOR.  Jim recommended waiting a year for the cycle to rotate.  Harvey commented on steel tariffs.  The US still has them.

QUICK REVIEW OF PORTFOLIO
Name	Ticker	Tracker	Range	Comments	
AFFL Computer	ACS	Marty	HOLD	Lack of revenue, sales are slowing	
Doral	DRL	Tracey	BUY	Downrated, price fell 50%, 	
Home Depot	HD	Joyce	HOLD		
Lincare	LNCR	Marge	HOLD	No news, in buy range	
UT Starcom	UTSI	Virginia	HOLD	New directors, camera phone components	
Helen of Troy	HELE	Mary Beth	HOLD	Down 8%, 	
Johnson & Johnson	JJ	Dene	HOLD	No news	
L-3 COM	LLL	Gerry	HOLD	Barely in buy zone	

Watch List:
Name	Ticker	Tracker	Range	Comments	
Walgreens	WAL	Harvey	HOLD	Will be removed from watch list	
Gentex		Harvey	BUY		
Kohls	KSS	Harvey	BUY		
Pfizer	PFE	Harvey	BUY	Challenge JJ	
Biomet	BMET	Harvey	HOLD	Will be removed from the watch list	
Harvey asks the originators of each company on the watch list to update the SSG and e-mail to Harvey.  Particularly Pfeizer, so he can challenge Johnson & Johnson.
Investment Decisions:  
Mary moved that we buy 50 shares WOR at market.  Tracey moved that we buy 23 shares Doral at market.  Marty says we have enough money we can buy both.  Jerry thinks Asia will take over the steel industry in one year.  So WOR may not be a long term investment.  WOR is a specialist in steel finishing.  WOR is well managed.  
WOR 10 yes 5 no.  DRL 6 yes 9 no.  Marty will purchase WOR.

Future Presentations:
Date	Presenter	Industry	Companies	
				
4/16/05	Marty Eckerle			
5/21/05	Denise Sivitz			
6/11/05				

Announcements:  
Lois asked for an education segment on how to use Bivio.

Next Meeting:  Will be at 9:30 A.M. Saturday April 16, 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