Diversity Investment Group Minutes of the Meeting

January 2, 2003

In Attendance: Andy Bain, Tom Saunders, Mike Wall, Jennifer Mullins, David Brodeur, Larry Corse, Satish Shah, David Jones, Russ Douglas, Todd Fibus, and Holly Deveny.

Absent: Peter Carnell, Ron Kozak, David Robinson (gave proxy to Jennifer Mullins), Roger Drury (Gave proxy to Jennifer Mullins), Vreni Ludin, and Steve Shockley.

Guest: Ralph Garcia

Inspiration: Andy Bain briefly reviewed the book he is reading, Take on the Street, by Arthur Levitt.

Minutes were approved from the December 2002 meeting.

Tom Saunders presented the treasurer’s report and this monthly valuation statement. The money on hand as of 12/31/02 was $1399. The unit valuation was 13.60, an 8% decrease from the previous month.  The money collected tonight was $1447.

Discussion was also given to scheduling an audit committee meeting on Saturday, January 26,2003 at Tom’s house. The audit committee will consist of Tom Saunders, Larry Corse, Andy Bain, and Vreni Ludin.

Presentations:

David Brodeur presented Wal-Mart Stores, Inc., including ratio analysis. WMT is the world’s largest retailer; operating discount stores, super centers with grocery departments, Sam’s Clubs and distributions centers. He found the company in the buy zone.

Andy Bain presented General Electric Co., which is one of the world’s largest, and diversified industrial companies with numerous segments including aircraft engines, appliances, industrial products and systems, power systems and medical systems. He found the company in the buy zone.

DIG Members were canvassed for their interests in which companies to invest tonight’s funds. After some discussion a motion was made to invest funds in ADP. This motion was seconded and then passed by the other members.

Announcement was made that elections would be held for officers at next month’s meeting and to consider who might fill these positions.

Next meeting will be February 5, 2003.

Minutes submitted by Russ Douglas.

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