Our June 14th meeting was special because we do not normally meet in June. However, in view of the volatility of the market, we decided that we should keep our eyes on current fluctuations and world events. We discussed Canada’s dependency on the United States as well as climate change that affects all our lives and investments. In view of the present inflationary climate and possible recession, we look to protect and enhance our personal finances wherever possible.
We greeted a new member, Jack Markham, and thanked Eric and Robert for their suggested dividend stocks for review.
A vote was taken regarding meeting in person for the next session starting in September. A discussion ensued regarding the lack of WiFi at Fairfield. The decision was to meet in person in September, with possible meetings via Zoom when appropriate. Eric offered his wireless internet stick and cellphone to create a “hot spot” at Fairfield if necessary. Everyone was asked to try to identify speakers and send David and Linda any ideas, suggestions or articles that may be of interest to club members. We agreed that although our common interest is investing, this club is very social and we all love to see one another over coffee and cookies.
Linda will book a meeting room at the Fairfield Senior Centre in August when the City opens for bookings.
Cash – We presently have $74,000 in cash. We decided that we would not sell anything in our portfolio since the market is down considerably. Any purchases today would come from our cash account. Our limit, about $14,000, is available for purchases.
Tim proceeded with the conclusion of his presentation on dividend paying stocks paying 5% or more:
- BCE – 5 year price constant. Presently $63.75. 52 week range $60-$74. Yahoo target $69. Dividend 5.5% Leaders in 5G Time to buy a staid “widows and orphans” company is now. Note that we presently own 200 shares of BCE.
- Decision – Buy 100 additional shares at today’s price
- DRI Healthcare Trust – Pharma royalties – own 18 royalties (manage and administer portfolio of royalties for generic manufacturers). Trading at $7.00, Target $15.00. It is too early to know if dividend is stable.
- Decision – Watch
- Orca Energy – Small Cap – Presently $5.10 – in decline (was $6.29) Exploration and distribution of natural gas in Tanzania – sells locally. Trading on the Vancouver Stock Exchange. Dividend 7.5%. (24% owned by a private company) .
- Decision – No
- Goodfellow Incorporated – Small Cap – Trading at $10.20 (Lumber products in Canada and U.S.) 7.7% dividend. Room for growth (15% covered by earnings)
- Decision – Watch
- Vitreous Glass – Small Cap – 7.13% dividend (waste glass recycling). Dividend not covered by cash flow.
- Decision – No
- Power Corporation – Trading at $33.00 today. 5.18% dividend. Stock reviewed last month and on watch list. Good dividend. It is the time to buy.
- Decision – Buy 100 shares
Our total cost of buying 100 shares of BCE and Power Corporation is $9,800.00.
Overall, we had another interesting meeting.
Probus Club of Kingsway-Islington 