JUNE 2005

"We track our investments closely. Each member monitors approximately two stocks in our portfolio and reports monthly on their prices, P/E, and trailing EPS, as well as any significant business changes. More-in-depth study is required at least twice a year to determine the emerging success -- or failure -- of the stock. Also, each month one member researches and reports findings and opinions on possible new stocks to purchase. In addition, all members are encouraged to study the current BetterInvesting Magazine as a form of ongoing education."

"We have tried to remain faithful to the concepts of diversification, both in the size of companies examined and in the industries they represent. Consequently, we avoided too much exposure to the technology companies (except Hewlett-Packard), and were less affected by the recession than those who experienced heavy profits, and even losses, from the tech "bubble."

E. Baker

Boise, ID