long standing clubs
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long standing clubs Hello and congratulations to all of you who have been in longstanding clubs. My question is: How regularly do you meet? and what do you do when no one shows for several meetings in a row? On Friday 20/06/2014 at 11:39 am, Susan Maciolek wrote:
Our club, the Colorado Leprechauns has been in existence since 1995. I am the only founding member left. We have 5 dedicated people who participate fully. At one point we were up to 15, but I found many did not do much but only came to basically observe. We meet once a month at a restaurant in Denver. We share food then have our meeting. We have done quite well with our stocks and follow the NAIC principals. We use some outside sources along with the SSG, and additionally each member completes an annual report once a year on the stocks they follow, along with each member giving a monthly report on their stock. We have found the monthly reporting on each stock, followed by looking at our "watch list" and reviewing new stocks to follow is an overall good methodology to utilize. We also regularly talk about when to sell and we are not afraid of selling. We have made some mistakes both buying and selling but overall do pretty well. I think the biggest success we have is sticking with the principals we all agree on and staying the course. We try to buy growth stocks with 15% annual appreciation, with a history of good sales. All of what we do falls under NAIC principals. We use the SSG and other supporting material (one person has a subscription to AAII) which we use as well as the PERT, SSG, SCG, and other materials Toolkit has. I agree the SSG is just a source of information. But, it is a good one and is one of several items we look at. The Annual Report can be very useful in understanding a company, as long as you can sort through the fluff you sometimes get with these reports. Most all are available at the company website to download. We pay particular attention to free cash flow as well, which is not part of the SSG. Investing is a matter of consistency and not reacting to today's events. I believe investing clubs are primarily for education. With that in mind, we have low fees ($25 per month) and are somewhat flexible with people missing. Stuff happens in life and we have to allow for that. However, it is pretty easy to tell if a person is not pulling their load, so to speak. Tim Hoyman, Colorado Leprechauns. From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of mmoriarty@crocker.com Hello and congratulations to all of you who have been in longstanding clubs. My question is: How regularly do you meet? and what do you do when no one shows for several meetings in a row?
On Friday 20/06/2014 at 11:39 am, Susan Maciolek wrote:
My two clubs meet monthly on the second Tuesday for one and the second Wednesday for the other. Of our 19 members in the first club, we usually have about 15 in attendance. For the second club of 10, we usually have 6. One of our members in a minor and misses due to school. Another is a traveling computer tech and attends whenever she is in town. The Tuesday club contributes $90 per quarter and studies stocks using the Toolkit at every meeting which is held at a restaurant. The Wednesday club contributes $50 per months, studies stocks using Toolkit at every meeting at a church. A few weeks ago we discussed proxies, quorums and attendance. Both of my clubs recognize a quorum as being anyone that attends a regularly scheduled meeting at the regularly scheduled place. That gives the attendees the right and obligation to conduct business. Most partnership agreements allow for the removal of partners that are too lazy about attendance, perhaps you should review your document with the other partners. No shows for several meetings without extraordinary circumstances would lead me to conclude the partnership should be disbanded. I was the president of an online club that was disbanded for this reason about 20 years ago.
We the Dividend Diva$, just went to meeting every other month as our membership dropped down to 4 from 10. We had a monetary penalty for late fees and a rule if you missed more than 3 meetings in a year you were done. This rule was only invoked once. Barb From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of mmoriarty@crocker.com Hello and congratulations to all of you who have been in longstanding clubs. My question is: How regularly do you meet? and what do you do when no one shows for several meetings in a row?
On Friday 20/06/2014 at 11:39 am, Susan Maciolek wrote:
The Wall$treet Wannabees also has a fee for late payment (seldom necessary) and a rule that you may not miss more than 2 meetings a year. We enforced that only once and the withdrawing partner was using the rule to help her make a decision she couldn't - to leave. Mike Jones Bloomington, MN From: Barb & Glenn Doherty <bdoherty@new.rr.com> To: club_cafe@bivio.com Sent: Monday, June 23, 2014 6:18 PM Subject: RE: [club_cafe] long standing clubs We the Dividend Diva$, just went to meeting every other month as our membership dropped down to 4 from 10. We had a monetary penalty for late fees and a rule if you missed more than 3 meetings in a year you were done. This rule was only invoked once. Barb From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of
mmoriarty@crocker.com Sent: Monday, June 23, 2014 5:10 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] long standing clubs Hello and congratulations to all of you who have been in longstanding clubs. My question is: How regularly do you meet? and what do you do when no one shows for several meetings in a row? On Friday 20/06/2014 at 11:39 am, Susan Maciolek wrote:
$$$ (South Shore Seniors) meets once a month; minimum monthly payment is $25; may pay any amount (in $25 increments) but not exceed the total ownership of any other member. Most members pay $50. We have a miss-3-we MAY- withdraw you, but invoked it only in the earliest years. We allow proxy votes, in writing (email is okay) and request payment in advance if you know you're going to miss. Seems to work pretty well.
On Tue, Jun 24, 2014 at 9:25 AM, Mike Jones via bivio.com <user*21595500001@bivio.com> wrote:
I note that many clubs seem to limit member donations/contributions to some multiple of $25 or $30 and I wonder why. Our by-laws indicate that $50 a month is proper; however, we have one member that gives $600 once a year and others that contribute every other month. We have two new members that are adding $1,000 per month to their accounts. In addition, the treasurer pays BI and bivio club fees by credit card and asks for a motion to make that an extra contribution for him. The assistant treasurer collects and mails to monthly contributions to TD Ameritrade and the club reimburses her postage cost in the same fashion after an annual motion. I see no reason to stifle members into a fixed amount framework. In addition, we use the bivio “cents” method so no one’s units are the same. The "not exceed total ownership of any other member" clause is awkward. I'd have to ask the largest owner how much s/he is paying this month so I wouldn't 'accidentally' pass him/her by. That is a rule that seems ripe for revocation. My club has added new members and my current net worth is probably 15 times that of the newest member. Unless you have proportional voting, net worth seems a non-issue. Equal shares is also not an issue for us. Mike Jones Wall$treet Wannabees Bloomington, MN From: Jeanne Tieken <jeannetieken@gmail.com> To: The Club Cafe <club_cafe@bivio.com> Sent: Tuesday, June 24, 2014 11:24 AM Subject: Re: [club_cafe] long standing clubs $$$ (South Shore Seniors) meets once a month; minimum monthly payment is $25; may pay any amount (in $25 increments) but not exceed the total ownership of any other member. Most members pay $50. We
have a miss-3-we MAY- withdraw you, but invoked it only in the earliest years. We allow proxy votes, in writing (email is okay) and request payment in advance if you know you're going to miss. Seems to work pretty well.
On Tue, Jun 24, 2014 at 9:25 AM, Mike Jones via bivio.com <user*21595500001@bivio.com> wrote:
We do have a rule in our Partnership Agreement that no member should have more than a 25% ownership of the club. The reason that clubs do this is so that no member will feel obligated to vote with a member that has a larger ownership of the club. Also, prevents the person who does have the bigger percentage from feeling that the other members should vote his way because of his bigger stake in the club. This rule would be necessary for some clubs but unnecessary with others. As long as there is no issue with someone feeling that they need to vote according to who has the biggest ownership then by all means let them contribute as much as they want. John Rice ABODI Investment Club On Tuesday, June 24, 2014 11:08 AM, Mike Jones via bivio.com <user*21595500001@bivio.com> wrote: The "not exceed total ownership of any other member" clause is awkward. I'd have to ask the largest owner how much s/he is paying this month so I wouldn't 'accidentally' pass him/her by. That is a rule that seems ripe for revocation. My club has added new members and my current net worth is probably 15 times that of the newest member. Unless you have proportional
voting, net worth seems a non-issue. Equal shares is also not an issue for us. Mike Jones Wall$treet Wannabees Bloomington, MN From: Jeanne Tieken <jeannetieken@gmail.com> To: The Club Cafe <club_cafe@bivio.com> Sent: Tuesday, June 24, 2014 11:24 AM Subject: Re: [club_cafe] long standing clubs $$$ (South Shore Seniors) meets once a month; minimum monthly payment is $25; may pay any amount (in $25 increments) but not exceed the total ownership of any other member. Most members pay $50. We
have a miss-3-we MAY- withdraw you, but invoked it only in the earliest years. We allow proxy votes, in writing (email is okay) and request payment in advance if you know you're going to miss. Seems to work pretty well.
On Tue, Jun 24, 2014 at 9:25 AM, Mike Jones via bivio.com <user*21595500001@bivio.com> wrote:
Hi,
Our club is based in PA, which limits the size to 20 members. At one time
we had 20 members but found it difficult to have time for everyone to be heard
at the meetings. We liked it best at 12-14 members, easy to schedule meetings at
homes of members, enough people to be "stockers" following a stock for earnings,
etc.
We now have 8 members but have plans to expand to 10 as soon as two friends
are done with projects. We started in 1998, have 19 stocks (too many but most
are real winners and we hate to sell them) and each unit is $80.50.
Wondering where the club with 50 members meets and how they have time for
all members to be active and involved.
Peg, Lancaster WIN
From: mmoriarty@crocker.com
Sent: Monday, June 23, 2014 6:10 PM
Subject: Re: [club_cafe] long standing clubs Hello and congratulations to all of you who have been in longstanding
clubs. My question is: How regularly do you meet? and what do you do when
no one shows for several meetings in a row?
On Friday 20/06/2014 at 11:39 am, Susan Maciolek wrote:
When the member pays $600 once a year, does s/he buy units at the current valuation date or is it spread across 12 months using the suspense account to contain the remaining funds until subsequent meetings? It seems as though the idea of monthly payments is to get in the habit of investing regularly whereas an annual payment seems more like paying taxes. My club sets a minimum monthly amount so members may invest as much as they care to. We also specify one person-one vote so share of the club is never considered when voting. If proportion becomes an issue, it's more difficult to recruit new members. Mike Jones Wall$treet Wannabees From: Clarence Joseph Farrell <cjfarrell46@comcast.net> To: club_cafe@bivio.com Sent: Tuesday, June 24, 2014 12:39 PM Subject: Re: [club_cafe] long standing clubs I note that many clubs seem to limit member donations/contributions to some multiple of $25 or $30 and I wonder why. Our by-laws indicate that $50 a month is proper; however, we have one member that gives $600 once a year and others that contribute every other month. We have two new members that are adding $1,000 per month to their accounts. In addition, the treasurer pays BI and bivio club fees by credit card and asks for a motion to make that an extra contribution for him. The assistant treasurer collects and mails to monthly contributions to TD Ameritrade and the club reimburses her postage cost in the same fashion after an annual motion. I see no reason to stifle members into a fixed amount framework. In addition, we use the bivio "cents" method so no one's units are the same. He asks that it be fully credited in the month paid. He looks at his dollar cost averaging as an annual process and as he is one of the founding members, we are happy to accommodate. We also use one person-one vote but we choose to limit percentage ownership to 200/number of partners. We have three members at the limit now and they are allowed to contribute only the minimum monthly. With our two new members making large contributions, we expect that two will drop below the maximum in July or August and the third in September. Proportion is a non-issue for us. Our member ownerships range from less than $1,000 to more than $26,000. Initial payment by new members is $250 which all buys units. Joe Farrell
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