Download - General Meeting #13
General Meeting #13
November 29, 2011
Agenda
• Question of the Day• Market Overview• Portfolio Overview• Thinking About Markets• Team Stock Pitches• Membership Voting• Announcements
Market Overview
Stock Acquisition
• Independent energy company
• Exploration, development and production
– Natural gas
– Crude oil
– Natural gas liquids
• Acquired 5 shares at $90.59 per share
Apache Corporation (NYSE: APA)
Portfolio Overview
Historical Yields
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
1871
.01
1873
.02
1875
.03
1877
.04
1879
.05
1881
.06
1883
.07
1885
.08
1887
.09
1889
.118
91.1
118
93.1
218
96.0
118
98.0
219
00.0
319
02.0
419
04.0
519
06.0
619
08.0
719
10.0
819
12.0
919
14.1
1916
.11
1918
.12
1921
.01
1923
.02
1925
.03
1927
.04
1929
.05
1931
.06
1933
.07
1935
.08
1937
.09
1939
.119
41.1
119
43.1
219
46.0
119
48.0
219
50.0
319
52.0
419
54.0
519
56.0
619
58.0
719
60.0
819
62.0
919
64.1
1966
.11
1968
.12
1971
.01
1973
.02
1975
.03
1977
.04
1979
.05
1981
.06
1983
.07
1985
.08
1987
.09
1989
.119
91.1
119
93.1
219
96.0
119
98.0
220
00.0
320
02.0
420
04.0
520
06.0
620
08.0
720
10.0
8
Earnings and Bond Yields Since 1871
SPY Earnings Yield 1/CAPE
Interest Rate (%)
Earnings Yield
Cyclically Adjusted
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
1871
.01
1873
.02
1875
.03
1877
.04
1879
.05
1881
.06
1883
.07
1885
.08
1887
.09
1889
.118
91.1
118
93.1
218
96.0
118
98.0
219
00.0
319
02.0
419
04.0
519
06.0
619
08.0
719
10.0
819
12.0
919
14.1
1916
.11
1918
.12
1921
.01
1923
.02
1925
.03
1927
.04
1929
.05
1931
.06
1933
.07
1935
.08
1937
.09
1939
.119
41.1
119
43.1
219
46.0
119
48.0
219
50.0
319
52.0
419
54.0
519
56.0
619
58.0
719
60.0
819
62.0
919
64.1
1966
.11
1968
.12
1971
.01
1973
.02
1975
.03
1977
.04
1979
.05
1981
.06
1983
.07
1985
.08
1987
.09
1989
.119
91.1
119
93.1
219
96.0
119
98.0
220
00.0
320
02.0
420
04.0
520
06.0
620
08.0
720
10.0
8
Earnings and Bond Yields Since 1871
SPY Earnings Yield 1/CAPE
Interest Rate (%)
Earnings Yield
Spread
-10.0000%
-5.0000%
0.0000%
5.0000%
10.0000%
15.0000%
20.0000%
1881
.01
1883
.02
1885
.03
1887
.04
1889
.05
1891
.06
1893
.07
1895
.08
1897
.09
1899
.119
01.1
119
03.1
219
06.0
119
08.0
219
10.0
319
12.0
419
14.0
519
16.0
619
18.0
719
20.0
819
22.0
919
24.1
1926
.11
1928
.12
1931
.01
1933
.02
1935
.03
1937
.04
1939
.05
1941
.06
1943
.07
1945
.08
1947
.09
1949
.119
51.1
119
53.1
219
56.0
119
58.0
219
60.0
319
62.0
419
64.0
519
66.0
619
68.0
719
70.0
819
72.0
919
74.1
1976
.11
1978
.12
1981
.01
1983
.02
1985
.03
1987
.04
1989
.05
1991
.06
1993
.07
1995
.08
1997
.09
1999
.120
01.1
120
03.1
220
06.0
120
08.0
220
10.0
3
Cyclically Adjusted Spread Since 1881
CA Earnings Spread OverTreasury
More Recently
Stock Pitch
Membership Voting
Is this stock investment grade?
USIT Social!
• Monday, December 5th 6-8 PM• Gregory Games Room: 3.120• Christmas sweater apparel preferred• Food• White Elephant
– $10 Limit• Minute to win it• Gingerbread house building competition