Meeting:	Monthly Meeting - January 2002
Held at:	The Brocklebank		Date:		16t^h January 2002
			Time:		17:30 – 18:30
Prepared by		Kit P
Chairperson:	Dave G
Present:	Kit P
	Dave G
	Adrian T
	Richard W
Apologies:	Adrian B, Chris B
Distribution:	Above plus Simon B
Chairman’s Acceptance of Minutes
_____________________________________________				____ / _____ / ____
Signature				Date

1 NEXT MEETING

Wednesday 20t^h February 2002 17:15 - 18:30

Venue: The Brocklebank

2 Minutes of previous meeting

The minutes from the last monthly meeting were accepted. The punctuality of their delivery was appreciated and the secretary was praised and thanked (though he wasn’t there to witness it).

3 ACTIONS FROM PREVIOUS MEETING

3.1 Actions Closed Since Last Meeting

Ref.	Description & Progress	Status
DG/0515/01	DG to summarise ProShare seminar 0615: No progress 0718: No progress 0828: No progress 0919: No progress 1017: In progress 1120: In progress 1212: Almost completed – will definitely be completed by time of next meeting!	COMPLETED
RW/1212/01	Re-run mechanical process and buy £800 of whatever comes top.	COMPLETED

3.2 Actions Carried forward to Next Meeting

See end of these minutes

4 Treasurer’s Report

4.1 Monthly Report Summary

See Report – main news was the purchase of Wimpey.

4.2 Matters Arising From Report

None

5 Lucky Llama competition

This Month’s Winner: Richard?

The yellow jersey remains with Richard.

6 PORTFOlio Management

6.1 Monthly Reports and Recommendations

Fundamental Portfolio:-

Headlam	HOLD – continues to slowly rise
Blick	HOLD – details in DG’s report.
Cable & Wireless	HOLD – -7.5% v –8.5% in sector

Speculative Portfolio:-

Parity	HOLD (not worth selling)
Atlantic Caspian	HOLD (even less worth selling (only £4.65 net value!!!))
Templeton Emerging	HOLD
London Clubs International	HOLD

Mechanical Portfolio:-

Countryside Properties	HOLD until October 2002
Wimpey (George)	HOLD until ? 2002

6.2 Stop Loss / Sell Criteria (as of 12^th December 2001)

The following is the summary of stop loss positions for each stock in the “Fundamental” sub-portfolio. The stop loss is invoked against the “end of day” price, but the sell decision may wait for the opening price to avoid rogue trades at the end of day.

Stock	Reportee	“High” Price	Stop Loss (based on the “high”)	Exit Criteria
BLK	Dave	269	200	200 non-trailing but impose 10% trailing at 300
HED	Kit	270	223.2	20% trailing
CW.	Richard	374	311.2	20% trailing

6.3 New Buy Proposals

Richard submitted a Mechanical Portfolio Buy Proposal for CAPE. CAPE in thermal insulation, with turnover £230m, NAV £38m and market cap of £11m.

Buy agreed at £500

7. Competitions

None

8. AOB

Adrian T accepted as a member by unanimous vote.

Actions carried forward to next meeting

Ref.	Description & Progress	Target Date
DG/0919/04	DG to add stop loss summary to Web site 1017: No progress 1120: In progress 1212: No further progress – hasn’t updated web site for around 4 months so will start to do so 0116: No progress	20/02/2002
CB/1017/01	Give Richard and Chris a £5 Llama prize 1120: In progress 1212: Need to add Dave now as he won the Dec prize 0116: No progress	20/02/2002
RW/0116/01	Richard to send Llama rules to Adrian T	20/02/2002
KP/0116/02	Bring in Constitution for Adrian to sign	20/02/2002

Proposed agenda for NEXT meeting.

RSIC Monthly Meeting - Wednesday 20th February between 17:15 and 19:00

Venue: The Brocklebank

0. Date of Next Meeting (4 mins)
[Agree a date for the next meeting]

1. Agenda Changes? (2 mins)
[Any items for AOB or any suggested reordering of agenda?]

2. Minutes of last meeting (1 min)
[Any comments on minutes from previous meeting

3. Actions from last meeting (20 mins)
[Progress on actions]

4. Treasurer's Report (10 mins)

5. Lucky Llama Competition (10 mins)
[Latest positions and any new buy/sell decisions]

6. Portfolio Management (30 mins)
6.1 Monthly Report for each Company in Fundamental Portfolio

6.2 Latest sell conditions for each share held

6.3 New Buy Proposals

7. Competitions (10 mins)

8. AOB