Meeting Minutes

10.26.2003

Attendees: Nicholas Sarwark, Derek Pomery, Deric Tomenko, Leroy Cain, Lynn Shniper, Jacob Aaronson (by proxy)
19:50 - 21:15 October 26, 2003
Quorum
It was determined that more than 50% of the members were present, constituting a quorum.

Treasurer's Report
We currently have $3742 in securities and $1274 in cash.
We received a $6.00 dividend from Harrah's (HET). We received a $2.24 dividend from our Dow shares (DIA).

Stock Presentations
Derek spoke about Expeditors International (EXPD). The company is a freight forwarder with strong ROE/ROI and no long-term debt.

Full report: Word format
Sources: http://www.investor.expeditors.com/SEC.asp http://www.investor.expeditors.com/pr/051203div.pdf http://clearstation.etrade.com/cgi-bin/fundamentals?Event=comparisons&Symbol=EXPD&Refer=http://clearstation.etrade.com/cgi-bin/details%3fSymbol%3dEXPD

We voted to purchase 20 shares of EXPD.

Deric spoke about momentum trading. He subscribes to a newsletter (Oxford) that makes recommendations on momentum stocks. One example was Coach (COH).

Leroy spoke about MedFast (MED). The company makes customized meals for people who have special dietary needs. They have had strong growth over the year, but may be too new for consideration by the club.

New Partner
We welcomed Deric Tomenko as a new partner in the club.
Next Meeting
The next meeting will be held on November 16, 2003 at Nick's house.

Action Items
Leroy to purchase 20 shares of EXPD.