Rebound or release? Are financial markets ready to take off, or are we being set up for another fall?DOES ANYONE REMENBER WHAT A MARKET RALLY FEELS LIKE? The first half of 2003 certainly felt like one: stocks on the Dow Jones industrial average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. up some 13% and Nasdaq issues climbing a hearty heart·y adj. heart·i·er, heart·i·est 1. Expressed warmly, exuberantly, and unrestrainedly: a hearty welcome. 2. 30% as of mid-August. We haven't seen such a steady rise in the financial markets in almost three years. With uncertainty hanging in the air from a tepid tep·id adj. 1. Moderately warm; lukewarm. 2. Lacking in emotional warmth or enthusiasm; halfhearted: "the tepid conservatism of the fifties" Irving Howe. economy, international upheaval, and ongoing terrorist threats, how can we be sure if the markets are ready to rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective or whether investors will be hurt by a severe market relapse? We assembled four high-powered money High-powered money is a macroeconomic term referring to the monetary base — that is, to highly liquid money such as currency and deposits held in demand accounts such as checking accounts. In the United States, this concept of money is often referred to as M1. managers to try to answer that question by evaluating the current economic picture and telling us what we can expect in the fourth quarter of 2003 and beyond. Members of our roundtable are Mary Pugh, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Pugh Capital Management (No. 15 on the BE ASSET MANAGEKS list with $609 million under management), a Seattle-based firm specializing in fixed-income portfolio management; Isaac Green. president and chief investment, officer or Piedmont Piedmont, region, Italy Piedmont (pēd`mŏnt), Ital. Piemonte, region (1991 pop. 4,302,565), 9,807 sq mi (25,400 sq km), NW Italy, bordering on France in the west and on Switzerland in the north. Investment Advisors Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and , a Durham, North Carolina-based firm focusing on core investing--a portfolio-building strategy identifying quality stocks from each segment of the market; Randall Eley, president of The Edgar Lomax Co. (No. 9 on the BE ASSET MANAGERS list with $1.48 billion under management), a Springfield, Virginia-based mutual fund company that embraces value investing Value Investing The strategy of selecting stocks that trade for less than their intrinsic value. Value investors actively seek stocks of companies with sound financial statements that they believe the market has undervalued. ; and Raymond Stewart, president and chief investment officer of Rasara Strategies, a Briarcliff Manor, New York-based money management firm that, focuses on value investing within the banking sector. BLACK ENTERPRISE: Give us your assessment of the economy and market forecast for the second half of 2003 and into 2004. RAYMOND STEWART: I'd characterize the economy as lethargic, at best. You've got unemployment at 6.4% versus 5.8%. You've got rising budget deficits. Even it' the nation's policy makers are successful, I do not see more than a 5% to 10% increase in year-end stock prices. Next year, I'd expect perhaps another 5% to 10% gain. I would really have to see a strong pick up in corporate earnings for me to become a little more sanguine sanguine /san·guine/ (sang´gwin) 1. plethoric. 2. ardent or hopeful. san·guine adj. 1. Of a healthy, reddish color; ruddy. 2. about the outlook for the stock market. MARY PUGH: Our outlook says we are going to see a W type of recovery, which means we'll have some growth and then we'll have a slow down in that growth. We won't go back into a recession, but we will not experience substantial growth either. Our forecast for 2004 would be about 3% GDP GDP (guanosine diphosphate): see guanine. [gross domestic product] growth, with interest rates of about 3.75% to 4.5% for the 10-year treasury [bonds]. ISAAC GREEN: Our outlook on the markets for the second half of this year and into next year is ... that there is a lot of room for things to get better. I think it's possible that the market may correct in the third quarter of this year, based on spiking interest rates: but we don't think the spiking rates are sustainable or merited. We think stocks are slightly undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. right now. based on depressed earnings, and that there is meaningful room for the earnings of corporate America to appreciate, from their cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. lows. So, if you consider that earnings can recover very strongly over the next few years, you could expect the market to start rallying over the second half of this year [and] first half of next year as it becomes clear that the economy is recovering. Then that rally can be sustained by the fact that as profits go up, optimism will go up. B.E.: How much of a factor will psychology play in any recovery in the near future? GREEN: In the short term, the stock market is nothing but psychology. It reflects the balance between greed and fear  The of this article or section may be compromised by "weasel words".You can help Wikipedia by removing weasel words. [and] optimism and pessimism pessimism, philosophical opinion or doctrine that evil predominates over good; the opposite of optimism. Systematic forms of pessimism may be found in philosophy and religion. . Psychology determines what the discount rate of the market is [or] how much of a risk premium do investors have to earn relative to risk-free investments in order to have an incentive to go into stocks. The more optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op folks are, the less of a premium they require and, therefore, the higher valuation they are willing to pay for the market. PUGH: Psychology works a little differently from the corporate bond standpoint, with respect to the equity side. If you step back to last year, psychology was a tremendous driver of the market and there were a couple of really significant events, We bad Enron followed by Worldcom, Qwest, and Global Crossing. All these major corporations with accounting fraud issues really challenged investors in terms of whether or not they could believe their Financial statements. That was significant. Another major event last year was the July sign-off period in which CFOs and CEOs had to sign on the dotted line, [verifying] their financial statements. That actually was a point when both the equity market and the corporate bond market rallied for a short period because people were saying, "Okay, I can start to believe a little bit more." Also, the leadership of major corporations got the message that they really needed to focus on paying down debt, and that is a trend that started to gain traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. , All of those things came together, initially because of the problems, to create a horrible market. But then, as a result of the realization that a lot of it was being dealt with--not necessarily overnight, but overtime--we started to see the psychology change. From October to November of last year everything crystallized crys·tal·lize also crys·tal·ize v. crys·tal·lized also crys·tal·ized, crys·tal·liz·ing also crys·tal·iz·ing, crys·tal·liz·es also crys·tal·iz·es v.tr. 1. to its worst point and then started to rebound, both in the equity market and in the bond markets. ELEY: However long this current stock market rally goes, whatever economic growth we see over the next year or two. it is not likely to be nearly as strong as in past recoveries because you are not going to get increased capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. or substantially increased employment. I expect this year and next year [for] the market to perform in a milder manner than we saw ill 2001 and 2002. However, I think that's because of the political machinations that are going on--the lowering of interest rates and fiscal spending--but somewhere the federal government will stop doing that and then we'll all have to pay the piper to bear the cost, expense, or trouble. to bear the cost, expense, or trouble. See also: Pay Piper ... maybe into 2004, maybe 2005 before the old bear market resumes. B.E.: Given the likelihood of a return of a hear market, what should investors do? GREEN: I think investors have to make long-term decisions about what parts of the market they are going to have their money invested in, what their personal asset allocation Asset Allocation The process of dividing a portfolio among major asset categories such as bonds, stocks or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio. is based upon their individual return objectives and risk tolerances Risk Tolerance The degree of uncertainty that an investor can handle in regards to a negative change in the value of their portfolio. Notes: An investor's risk tolerance varies according to age, income requirements, financial goals, etc. . With those determinations made, investors are well served to stick to that asset allocation and only make minor adjustments in response to any wild gyrations of the stock market in the short term. If you are going to be active about, it at all, be active in a contrarian Contrarian An investment style that goes against prevailing market trends by buys assets that are performing poorly and selling when they perform well. Notes: A contrarian investor believes that the people who say the market is going up do so only when they are fully fashion. ELEY: My suggestion, which is a relatively safe strategy that can get you some of the higher returns through stocks over time, is to hold some thing in the area of a 40% to 45% position in stocks, but make sure they are stocks you believe are relatively low risk, with the remainder being in fixed-income [vehicles]. STEWART: With the caveat that I'm a specialist, just looking at the banking sector, I think diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. among different asset classes is the key, say about 40% to 50% domestic equity. Then you've got other asset classes that you might want to consider, such as real estate or real estate investment trusts. You might want to also look at non-U.S. equity investments, and if you think inflation is coming back, diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. into gold and precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. . PUGH: As we talk about asset allocation, we have to think about earning lower than average returns and what that means for you in terms of being able to meet your needs. That would influence your asset allocation process. If you have a higher need for higher returns, you're going to do a different type of diversification than you would if you were more comfortable that that 5% to 7% type of returns were going to meet your needs over the longer term. Just one other thing: I think the type of environment that we are in, and will be in, is most suited to active managers, whether they are on the fixed [income] side or the equity side. I think that there is the ability to differentiate and incrementally add returns through that active process. B.E.: Is there anything else investors can do to increase their returns? STEWART: I tend to look for companies that have fairly strong cash flows and fairly good dividend pay outs. I look toward things that I had a degree of familiarity with and things that I tend to utilize quite a bit. I am sure an investor can look to the [utility] company where he is paying the bill and if it's publicly traded, I'm sure he'll see a 3%, 4%, or 5% yield. Compare that to say keeping your money in a money market fund [yielding 1%]. GREEN: I have heard people talking about making back the losses, rebuilding their portfolio. You can't go back and recover that [money]. The best thing you can do is just forget what happened in the past, look at what you have right now, and be very prudent and very judicious ju·di·cious adj. Having or exhibiting sound judgment; prudent. [From French judicieux, from Latin i in how you handle it. We are responsible for the stewardship stewardship the occupation of being a steward or custodian. Referring to animals it implies the caring sort of relationship based on an acceptance of the need to include the rights of animals in overall plans to maintain financial viability. of our own investments and good stewardship doesn't mean being overly focused on risk and, therefore, not taking any risk and not getting any return. It also doesn't mean being overly focused on return and taking too much risk. It means striking a balance between risk and return, and that is best accomplished through diversification. PUGH: On the fixed income side, an intermediate maturity approach would generally be appropriate. If they are talking about a 10-year horizon, that would be fine if they are buying bonds outright because they can hold them to maturity. Depending on their tax bracket Tax Bracket The rate at which an individual is taxed due to a particular income level. Notes: Each income class is taxed at a different level. Generally, the more you make the more you are taxed. , taxable municipal bonds Taxable municipal bond Taxed private-purpose bonds issued by the state or local government to finance prohibited projects such as sports stadiums. taxable municipal bond are a good place to look because they are trading relatively close to the yield of the treasury. I also like mortgage backed securities. They have very high credit quality. They tend to yield a lot more than treasuries or agencies, so you're picking up incrementally, typically 1% to 1.5%. B.E.: What are some of the other promising sectors for investors? PUGH: The sectors we like [within fixed income] in terms of fundamentals, positive improving fundamentals and best relative spread value, would be the cable sector. It's a business that generates a lot of recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. cash flow from cable subscribers. They are seeing significant interest with respect to their digital cable and cable modems cable modem Modem used to convert analog data signals to digital form and vise versa, for transmission or receipt over cable television lines, especially for connecting to the Internet. , as a growth area. We're also seeing significant debt reduction with those companies that are improving their credit profile. One sector that has kind of hairy 1. hairy - Annoyingly complicated. "DWIM is incredibly hairy." 2. hairy - Incomprehensible. "DWIM is incredibly hairy." 3. hairy - Of people, high-powered, authoritative, rare, expert, and/or incomprehensible. fundamentals but really provides the best relative value and the widest spreads is the auto sector. The auto industry faces a number of challenges, and they include tremendous excess capacity, under funded pensions, and high fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). . However, we believe that you are compensated for that with respect to risk reward. BE: What do you consider to be the best sectors on the equity side? STEWART: When you look at the banking industry's relative contribution to broader market segments, you've got a group that over the past 25 some odd years has had a compound average annual earnings growth of around 10%. Couple that with a dividend return of somewhere between 2.5% and 3.5%, you're talking about [growth of] anywhere from 10% to maybe 14%. Yet and still, if you look at the degree of investor participation within that sector, it is, for the most part, low. It's not a high-tech industry. It's a basic, boring, stable industry. ELEY: The industry sectors we are finding the most values in right now are utilities, industrials, and materials. [These sectors] have a higher than normal dividend yield with utilities yielding right now about 3.1% [compared] to the roughly 1.7% yield of the S&P 500. That provides for great safety in a slow-growth environment that may include another recession in the next two or three years. The industrials are just straightforward valuation. You're talking about very low P/E P/E See: Price/earnings ratio (price-to-earnings) ratios. GREEN: We're looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. , we like, the sectors that are going to benefit from improvement in the economy. We are tending to start to take our profits from the more defensive sectors. We like, in particular, the health care sector where we think the pace of innovation is heating up and the pace of demand is clearly going up. Within that [industry]. we like pharmaceuticals and biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. . In spite of the large run up it has had, we continue to like the technology sector. We think that is one of the key growth engines of the U.S. economy. We think the capital spending cycle is approaching a turning point that will restore true fundamental health to the sector. Finally, the consumer discretionary sector has a broad array of stuff, from big ticket items like autos to media [and] telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. . We think that media, telecommunications, and some of the specialty retailing are going to do well in a recovery and represent an attractive investing opportunity. B.E.: What about the changing tax laws? Is there anything positive that investors can look for? ELEY: A part of the tax changes was an increase in the amount of funds that could be [placed] into tax-deferred or pension type plans like 401(k)s. I'm a real believer in putting the maximum [contributions] into those accounts. PUGH: I want to piggyback piggyback 1. A broker trading in his or her personal account after trading in the same security for a customer. The broker may believe the customer has access to privileged information that will cause the transaction to be profitable. 2. on that. If you didn't do anything else, if the company has a match, an individual can double their investment. Whether your investment strategy is to be 100% in bonds, 100% stocks or whatever the split, you automatically double your savings. What better opportunity is there out there? That is something everybody should do if they are not already doing it. B.E.: How has the housing boom affected the market and do you think that it's a bubble that is going to burst soon? ELEY: The fact is the housing boom has to come to an end. Whether or not it will burst or whether the air will be let out slowly, one way or another it's going to happen. Now, it doesn't mean that housing prices have to fall, but housing prices can stall stall, small division of a larger space, sometimes partly partitioned. The term is used for a booth for display and selling at an exhibition, for a compartment in a stable or kennel, or, in England, for the forward seats in a theater orchestra. for quite a few years. That is something that has happened before. STEWART: I don't think that it's clear whether or not we are going to see a bubble. I think that we cannot, or should not expect to see a continued upward valuation in housing prices from current levels. Whether or not they are going to fall precipitously pre·cip·i·tous adj. 1. Resembling a precipice; extremely steep. See Synonyms at steep1. 2. Having several precipices: a precipitous bluff. 3. , I can't really say. But definitely, I do not think that they are going to go much higher over the next six or seven years. GREEN: Given how much housing prices have gone up, it's really imprudent im·pru·dent adj. Unwise or indiscreet; not prudent. im·pru  dent·ly adv. now to look at your housing as an investment or to treat it as
an investing activity. It's [now] a financial activity. You should
really make your decisions and frame your thinking about housing around
how much risk you can take with your housing. Can you extend yourself
for a high-priced house because you think it's going to go up a lot
and make a lot of money? Well, if you're wrong and the economy is
bad and you've got a high mortgage payment and you can't make
it, you're in a lot of trouble, especially if that house is not
worth what you paid for it. I think it's very important that
investors or individuals look at their housing as one of the basic
staples staplesU-shaped stainless steel or vitallium units with sharp points used for surgical fixation. epiphyseal staples used to staple epiphysis to metaphysis; have metal bracing at the corners. of life and treat housing as much as a staple 1. (language) STAPLE - A programming language written at Manchester (University?) and used at ICL in the early 1970s for writing the test suites. STAPLE was based on Algol 68 and had a very advanced optimising compiler. 2. [of life] and expense as they do as an investment, Think of it as one of the areas for lowering their risk. RANDALL ELEY, The Edgar Lomax Co.
Price at 12-Month
Stock (Exchange: Ticker) Recommendation * Price Target
Exxon Mobil Corp. (NYSE: XOM) $36.68 $43.00
Merck & Co. Inc. (NYSE: MRK) 53.72 62.00
Eastman Kodak Co. (NYSE: EK) 28.16 33.00
* AS OF AUGUST 19, 2003
SOURCE: ZACKS.COM; RANDALL ELEY
Exxon Mobil: "When you look at the balance sheet ... [and] income statements for the last 10 years, Exxon is a powerhouse A fourth-generation language from Cognos that was introduced in the late 1970s for midrange computers. It supports both character-oriented, terminal-based applications as well as Windows clients. Applications developed under PowerHouse can be imported into Cognos' Axiant client/server environment. . It's an earnings machine. Their credit rating is much better than most companies. There would have to be a series of the most improbable events [for] Exxon to not be making money and a sufficient return on its investment over the next 10 years." Merck: "Here is a company in the healthcare sector where stocks have been generally priced at higher P/E ratios P/E ratio Current stock price divided by trailing annual earnings per share or expected annual earnings per share. Assume XYZ Co. sells for $25.50 per share and has earned $2.55 per share this year; $25.50 = 10 times $2.55. XYZ stock sells for ten times earnings. , lower yields and yet Merck is carrying a [dividend] yield of 2.3%. I think that can go up in light of the preference in the most recent tax law being given to dividend returns." Eastman Kodak: "We're not looking for extraordinary growth in the future. It's just that the stock is so depressed because earnings have beer] going down. [If] earnings stabilize stabilize See peg. , you would have a big pop in the price of the stock." ISAAC GREEN, Piedmont Investment Advisors
Price at 12-Month
Stock (Exchange: Ticker) Recommendation * Price Target
Exxon Mobil Corp.
(NYSE: XOM) $36.68 $42.00
Applied Materials, Inc.
(Nasdaq: AMAT) 20.08 25.00
AOL Time Warner Inc.
(NYSE: AOL) 16.00 25.00
* AS OF AUGUST 19, 2003
SOURCE: ZACKS.COM; ISAAC GREEN
Exxon Mobil: "We think that Exxon Mobil is very high quality, very stable [and] very rich in cash. If oil prices spike and that derails the economy, Exxon Mobil is also a very strong financial company that would weather that storm very well and outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. the market." Applied Materials Applied Materials, Inc. NASDAQ: AMAT (HKSE: 4336 ) is the global leader in nanomanufacturing technology solutions with a broad portfolio of innovative equipment, service and software products for the fabrication of semiconductor chips, flat panel solar displays, solar : "It's the dominant manufacturer of semiconductor equipment. They produce the equipment that other companies use to manufacture chips. This is a blue-chip name within the technology sector that makes a backbone product and, as confidence in technology builds, we think Applied Materials will participate quite nicely." AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. Time Warner: "We think that AOL Time Warner is a company that has great franchises, both on the media and entertainment side, and substantial participation in the Internet business. The current price of the company fairly value of the media and entertainment assets." MARY PUGH, Pugh Capital Management ond Coupon Maturity Ginnie Mae 5.5% 2033 Comcast 8.38 2013 Ford 7.25 2011 SOURCE: MARY PUGH Ginnie Mae Ginnie Mae: see Federal National Mortgage Association. : "Basically, the mortgages represent a very high-quality sector of all the securities. [I chose] Ginnie Mae mortgaged-backed [securities] for both the attractive yields that they have provided, and also the government guarantee and the monthly cash flow." Comcast: "The cable sector is one that we see as having improving credit fundamentals. We're picking Comcast because they have an incredible franchise in their cable assets, a strong management team, [and] improving credit." Ford: "Ford is challenged by a non-competitive cost structure, declining market share, and it operates within an industry that has global excess capacity so it's not necessarily a beautiful picture. Having said those negative things, we actually think that you are well compensated for those risks. It is an investment grade credit." RAYMOND STEWART, Rasara Strategies
Price at 12-Month
Stock (Exchange: Ticker) Recommendation * Price Target
Popular Co. Inc. (Nasdaq: BPOP) $37.10 $46.00
Sovereign Bancorp Inc. (NYSE: SOV) 18.23 21.00
Marshall & Ilsley Corp. (NYSE: MI) 31.07 36.00
* AUGUST 19, 2003 SOURCE: ZACKS.COM; RAYMOND STEWART
Popular Co.: "My first pick is formerly known as Banco Popular. It's a $36 billion banking company serving the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , and parts of the Caribbean. Earnings have tended to grow at this company around 14% per annum Per annum Yearly. over the past five years." Sovereign Bancorp: "[It has] 19 operations in Pennsylvania, New Jersey, and various parts of New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. . It doesn't pay much of a dividend [but] it has been growing earnings at around 12% per annum over the past several years. It could also end up as a merger or consolidation target." Marshall & Ilsley: "[It is] a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company with operations in commercial banking, trust and investment management, and data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a . I'm looking for the stock to trade in the $36 target range in the next six to 12 months."
ctober 2002 B.E. Stock Update
Last October's roundtable participants demonstrated that they can pick
stocks with the best of them. Our stock pickers--Clark Grain of Zenith
Investment Club, Marcus Plump of Millionaires-Thru-Christ Investment
Club, Okorie Ramsey of Awareness to Action Investments, Bernadette
Johnson of Black Women Investment Corp., and Baunita Greer of the NAIC
New York Chapter--were all representatives of leading investment clubs.
The leader of the pack was Johnson with picks that produced a whopping
36.78%. Grain, on the other hand, trailed his peers with an abysmal
portfolio return -9.13%.
Zenith Investment Club
Price at
Recommendation
Company (Exchange: Ticker) Recent Price * ([dagger])
Automatic Data Processing (NYSE: ADP) $37.19 $34.75
Freddie Mac (NYSE: FRE) 48.30 61.01
Fannie Mae (NYSE: FNM) 63.09 73.01
Portfolio Performance
Current Value of $3,000 Investment
Millionaires-Thru-Christ Investment Club
Price at
Recommendation
Company (Exchange: Ticker) Recent Price * ([dagger])
Procter & Gamble (NYSE: PG) $87.84 $88.00
Exxon Mobil (NYSE: XOM) 35.61 32.29
Coca-Cola (NYSE: KO) 44.89 48.36
Portfolio Performance
Current Value of $3,000 Investment
Awareness to Action Investments
Price at
Recommendation
Company (Exchange: Ticker) Recent Price * ([dagger])
Costco (Nasdaq: COST) $36.96 $31.85
Starbucks (Nasdaq: SBUX) 26.95 18.63
Wellpoint Health Systems (NYSE: WLP) 82.09 66.31
Stock Pick Average
Current Value of $3,000 Investment
Black Women Investment Corp.
Price at
Recommendation
Company (Exchange: Ticker) Recent Price * ([dagger])
Harley-Davidson (NYSE: HDI) $46.76 $42.83
Oracle (Nasdaq: ORCL) 11.86 9.01
CISCO Systems (Nasdaq: CSCO) 19.26 11.36
Stock Pick Average
Current Value of $3,000 Investment
Baunita Greer/NAIC New York Chapter
Price at
Recommendation
Company (Exchange: Ticker) Recent Price * ([dagger])
Pfizer (NYSE: PFE) $33.07 $29.75
Amgen (Nasdaq: AMGN) 68.16 42.22
Target (NYSE: TGT) 38.56 31.50
Stock Pick Average
Current Value of $3,000 Investment
Zenith Investment Club
Current Value
of $1,000
Company (Exchange: Ticker) Total Return Investment
Automatic Data Processing (NYSE: ADP) 7.02% $1,070.22
Freddie Mac (NYSE: FRE) -20.83 791.67
Fannie Mae (NYSE: FNM) -13.59 864.13
Portfolio Performance -9.13%
Current Value of $3,000 Investment $2,726.02
Millionaires-Thru-Christ Investment Club
Current Value
of $1,000
Company (Exchange: Ticker) Total Return Investment
Procter & Gamble (NYSE: PG) -0.18% $998.18
Exxon Mobil (NYSE: XOM) 10.28 1,102.82
Coca-Cola (NYSE: KO) -7.18 928.25
Portfolio Performance 0.97%
Current Value of $3,000 Investment $3,029.25
Awareness to Action Investments
Current Value
of $1,000
Company (Exchange: Ticker) Total Return Investment
Costco (Nasdaq: COST) 16.04% $1,160.44
Starbucks (Nasdaq: SBUX) 44.66 1,446.59
Wellpoint Health Systems (NYSE: WLP) 23.80 1,237.97
Stock Pick Average 28.17
Current Value of $3,000 Investment $3,845.00
Black Women Investment Corp.
Current Value
of $1,000
Company (Exchange: Ticker) Total Return Investment
Harley-Davidson (NYSE: HDI) 9.18% $1,091.76
Oracle (Nasdaq: ORCL) 31.63 1,316.32
CISCO Systems (Nasdaq: CSCO) 69.54 1,695.42
Stock Pick Average 36.78%
Current Value of $3,000 Investment $4,103.50
Baunita Greer/NAIC New York Chapter
Current Value
of $1,000
Company (Exchange: Ticker) Total Return Investment
Pfizer (NYSE: PFE) 11.16% $1,111.60
Amgen (Nasdaq: AMGN) 61.44 1,614.40
Target (NYSE: TGT) 22.41 1,224.13
Stock Pick Average 31.67% $3,950.13
Current Value of $3,000 Investment
* AS OF AUGUST 4, 2003 ([dagger]) AS OF AUGUST 5, 2002.
SOURCE: YAHOO! FINANCE TOTAL RETURN REFLECTS STOCK APPRECIATION AND
INCLUDES STOCK SPLITS AND DIVIDENDS
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