Doubters Investment Club

June 14, 2003 Meeting Minutes

The June 2003 meeting was called to order at 9:05 AM on Saturday, June 14, in the parlor of the Episcopal Church of St. Thomas the apostle. In attendance were:

Bob S

David CS, who held proxy for Clarke C

David JS, who held proxies for Michael L and Scott T

John T

Keith C

Larry P was not present. The minutes of the May 2003 meeting as posted on the WWW were approved. The treasurer's notes as sent electronically to all members were approved.

The following was reported on stocks in our portfolio:

• Aflac closed at $31 and is expected to under-perform the market for the next six months; analysts recommend hold.
• Cisco closed at $17.41 and analysts recommend hold.
• Equity closed at $26.74 and declared a dividend for the 2^nd quarter of 47 cents per share.
• General Electric closed at $31 and its price is trending up.
• Heinz closed at $33, up 9% from our May meeting, but earnings are down because of its recent restructuring.
• Intel closed at $21.36 and its price continues a slow climb; analysts recommend holding the stock and the company is in a strong cash position.
• InterPublic Group had no report
• Lab Corp closed at $28.30, below our floor of $30, and is rated as a hold.
• Lincoln Nat’l closed at $36.60 and is rated to under-perform the market.
• McGraw Hill closed at $63.94, up from the mid $50 range in recent months.
• MDC Construction closed at $51.52 and has opened a new office in Richmond.
• Nokia was recently trading between $16 and $18;’ sales reflect continued general economic weakness in Europe and the US, the impact of currency fluctuations, and the effect of SARS on consumer behavior, especially in China.
• Target closed at $37, at its June 2002 level, with sales up 7% from last June.

SUMMARY TABLE

Company	Symbol	Watched by	Cost Per Share	Current	Floor	Ceiling
Aflac	AFL	Scott	$31.90		$23.00	$48.00
Cisco	CSCO	Michael	$33.50		$10.00	$22.00
Equity	EQR	Michael	$27.46		$22.00
Gen’l Electric	GE	Clarke	$38.15		$20.00	$46.00
Heinz	HNZ	Keith	$37.41		$30.00	$74.00
Intel	INTC	Bob	$18.30		$13.72	$27.45
InterPublic Grp	IPG		$17.97
Lab Corp	LH	Bob	$38.65		$30.00	$50.00
Lincoln Nat’l	LNC	Larry	$31.30		$28.00	$42.00
McGraw Hill	MHP	DCS	$51.86		$52.00	$70.00
MDC Constr	MDC	John	$47.75		$33.00	$94.00
Nokia	NOK	Scott	$33.46		$8.36	$42.00
Target	TGT	DJS	$30.45		$30.00	$60.00

The following items of new business were discussed:

Scott T informed the partnership that he must abstain from any involvement in decisions regarding the club’s ownership of LH stock. His request to abstain from any decision will be noted in the minutes. Bob S volunteered to watch LabCorp and Scott will watch Aflac.

John T. moved that the club sell its entire holding of LabCorp stock. Keith C seconded the motion. The motion carried with the following vote:

Bob S - Yes

Clarke C – Yes by proxy

David CS - Yes

David JS – Yes

John T – Yes

Keith C – Yes

Larry P – Absent

Michael L - Yes by proxy

Scott T – Abstain by proxy

John T moved that the club sell half its shares of Lincoln National. Keith C seconded the motion. The motion carried on a voice vote

Following a discussion of whether to buy one or more new stocks, or to buy additional shares of a stock we already own, the membership, by consensus, agreed to study the health care sector. Each member is to propose and advocate for a stock in that sector at the July meeting.

There was no other business and the meeting was adjourned at 10:15 AM.

Respectfully,

David CS

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