Club Biomed &endash; Meeting Minutes &endash; 16 July 2003
Welcome and monthly contribution collections.
John reported on the status of Club Biomed's real portfolio & indexes. Mutual funds (now up 6% down 1% from last month. Virtual one (up 170%%; unchanged from last month). Random Walk (up 53% from 29% last month).
The real portfolio is up 6%--even though we just converted our biggest winner to cash. Our unit price is still about $29.
Discussion of plans for next year. Members discussed their feelings about what should be on the agenda for next year's meeting. John presented a summary of our activities for last year, which included:
Reports on companies
Some unfinished/on-going items (mostly from John)
Actions: Andrea will look into establishing a site to replace tight circle that can be implemented for the next year. John will work with Deirdre and other interested partners to develop a series of companies and projects that partners can study. They will try to do this in a way that we can take advantage of 'fast breaking' news and scientific reports that we can evaluate.
Report on TLRK by Marc, Steve, & Jeanne. Steve and Marc summarized the history of the company and haw it evolved. They concluded that although the underlying idea and strategy of the company were intriguing, the company has not succeeded. They also pointed to a 'disconnect' between the scientific strategy and the products that were under development. They recommended that we should not purchase the company. Their slide show will be posted and a formal report will be posted when it is submitted.
Stock watcher's report. Andrea reported on the recent performance of TEVA. The stock price has improved, but earnings and the introduction of new products match this increase. The company is performing well and is worth retaining in our portfolio.
Contingency buy plans?. Neil and Carlos expressed the feeling that the market was due for a drop and that we should make a contingency plan to use our cash to take another position or ad to our TEVA position when it occurred. There was not enough time to discuss this adequately, but it will be added to future business.
New Member: Charles Inturrisi attended the meeting and was voted in as a partner.
Planned Agenda items for Sept or other fall meeting include:
-- submitted by John Wagner