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					 National Association of
 Investors Corporation
“Investment Education Since 1951”
                                                          NAIC NEW YORK
 Chapter Hotline: (718) 856-8462
 Computer Group Hotline: (212) 533-6972 (INV)
 NAIC Web Page: http://www.better-investing.org
                                                           CHAPTER NEWS  PROVIDING A PATH TO SUCCESSFUL INVEST ING
 NY Chapter E-Mail: NYNAIC@better-investing.org

Save This Newsletter                                                                                                          Volume 9 Issue 1
for Future Reference                                                                                                           September, 1999
                                                PRESIDENT’S MESSAGE
          NEW YORK CITY                         by Phyllis Pawlovsky
        1999–2000                                      s a result of much effort over many years,   the Securities & Exchange Commission
    MEETING CALENDAR
 Where: Fashion Institute of
                                                A        the National Association of Investors
                                                          Corporation (NAIC) has now achieved
                                                non-profit IRS status. One of the changes is
                                                                                                    (S.E.C.) There will also be seminars for
                                                                                                    all levels of investors.
                                                                                                    Also scheduled for 1999 are Beginner,
        Technology (F. I.T.)                    that the Councils are now called Chapters.          Intermediate and Advanced Investment
        27th Street at 8th Avenue                                         Elections are over        Education classes in New York City, Long
        Bldg. A – 8th Floor                                               and I am pleased          Island, Staten Island, and Westchester.
                                                                          to introduce you to       For a registration form, you may call the
 When: Third Tuesday of month                                                                       hotline at 718-856-8462 or send an e-mail
                                                                          your new Executive
 What:    6:15 – 7:15 pm                                                  Committee. I have         to silverjet1@aol.com or PGP106@cs.com,
          Investor Education Seminar                                      been re-elected to a      or it may be downloaded from the New York
                                                                          second term as your       Chapter Home Page at http://www.better-
          7:30 – 8:45 pm                                                                            investing. org/regions/new york.html.
          Model Club Meeting                                              President. I am
                                                                          joined by three Vice-     To celebrate the New York Chapter’s 10th
 Hotline: (718) 856-8462                                                                            anniversary, there will be a change in format
                                                                          Presidents: Monica
                                                Noel (Membership), Yvette Wright (Adminis-          of the monthly meetings at F.I.T beginning in
 sss     INVESTMENT TOPICS                      tration) and Rosemary Hassett (Education),          January, 2000. At each meeting, there will be
         1999                                   as well as Stephen Beer and Joan Ford               three concurrent seminars: one for guests,
                                                who continue as Treasurer and Secretary,            beginning investors and new members; a
   9/21 Double Program: NAIC’s Investor                                                             second, a “Club Clinic” for those who need
        Advisory Service; Preparing for         respectively, and Avi Horwitz, our new
                                                Recording Secretary.                                help in starting or running a club; and a third,
        the October Investors Fair®
                                                                                                    focusing on intermediate and advanced
 10/19 Using the Internet for Investing:        It is with great pride that the NY Chapter          investment issues.
       Douglas Gerlach                          announces that Monica Noel, NY Chapter              The monthly Computer Group meeting
 11/16 When to Sell the Turkeys:                Membership Vice-President, is the third             (see page 2) just keeps getting better. It is
       Panel Discussion, Q & A                  quarter recipient of the distinguished O’Hara       the perfect place to try out your Stock Selec-
 12/21 Investing in Timely Industries:          Award (for her ten years of dedicated ser-          tion Guide judgment and presentation skills
       Retailing                                vice to NAIC). In addition, Monica has been         with guidance from caring NAIC teachers.
                                                elected to the NAIC National Board as an
         2000                                                                                       I invite you to support the NY Chapter by
                                                Associate Director. Three NY Chapter offi-
         (Meeting format changed, see                                                               attending meetings and events, signing up
          President’s Message, opposite)
                                                cers, Monica, Stephen Beer, and I, now              for an investment education course, or volun-
                                                represent you on NAIC national boards.              teering your energy, skills and time. Use your
   1/18 Investment Opportunities in
        the New Year                            Our big news for this year is the upcoming          imagination – notice what’s missing, volun-
                                                Investors Fair ® on Saturday, October 23,           teer to help further investment education in
   2/15 Doing the SSG on Toolkit (NAIC                                                              New York. Let’s make it happen together.
        software) with Advanced Judge-
                                                1999. (See page 4 for the article detailing this
        ment (Demonstration /Discussion)        exciting event.) In addition to five corporate      Remember to check the NY Home Page
                                                presentations and corporate exhibitors, the         on NAIC’s Website at http://www.better-
   3/21 Studying Stocks with Annual             keynote speaker will be Cheryl Scarboro of          investing.org/regions/new york.html.
        Reports
   4/18 Making the Most of Value Line                                               DIVISION MEETINGS
        Research
   5/16 Researching Stocks with the               s LONG ISLAND – (718) 527-6954
        One-Page Quick Analysis                   Where: St. James the Just, 858 Roosevelt Avenue, Franklin Square, NY
                                                  When: Last Tuesday of month, 7:30 pm
   6/20 Mutual Funds vs. Investing in             What: Timely investment issues; Model Club meeting with stock presentations.
        Individual Equities: Panel
   7/18 Using Asset Allocation to Reach           s WESTCHESTER – John Wahlers: (914) 748-5887
        Your Goal                                 Where: Marymount College, Tarrytown – Library Lecture Hall
                                                  When : Monday, October 4 – Screening for Stocks with Value Line
   8/15 Beyond the Basics: Red Flags
                                                         Thursday, November 18 – Starting and Running an Investment Club
        Signal Caution
                                                         Call for meetings December and forward. All meetings begin at 7:30 pm.
        COMPUTER GROUP                                                             COMPUTER CORNER
           MEETINGS                           Point. Click. Invest!                                   their own charts on over 5,000 stocks with a
    A Joint Venture of NAIC and NYPC                                                                  variety of technical indicators and time periods.
                                              by Douglas Gerlach
                                                                                                      Making the Purchase
                                                     nline trading is just the tip of the iceberg –
Where: Microsoft Corp.


When:
       825 8th Ave at 49th Street
       (At 8th Ave.), 18th Floor
          Second Friday of month
                                              O       the Internet offers virtually everything you
                                                      might need to build and manage a portfolio
                                              of stocks and mutual funds. Whether searching for
                                                                                                      Over one hundred discount brokerage firms
                                                                                                      now offer online trading via the WorldWide Web.
                                                                                                      Commissions for stock trades on the Web typ-
                                                                                                      ically range from $7 to $30, and the selection of
                                              potential investments, analyzing data, making the       research, market commentary, and other services
          6:15 p.m. – 8:15 p.m.               purchase, or managing your current portfolio, you       available from each firm are widely divergent.
            Call the NYPC Hotline:            can find tools and sites on the Internet to give you    Investors should shop around to find the online
     (212) 533-6972; 3-letter code (INV)      an extra edge. Even better, much of it is free!         broker that best fits their own needs and budget.
       for meeting notices and updates.       Finding Potential Investments                           A good starting point when selecting a broker is
Would you like to meet in a congenial,        On the Internet, there are virtual communities of       Invest-O-Rama!’s directory of brokers on the
informal environment with a group of          investors who use message boards to communi-            Web (www.investorama.com)
like-minded computerized investors to         cate. Many of the participants in these groups          Managing a Portfolio
continue your investment education?           happily share their best stock tips, and at times       Many sites include portfolio-tracking programs.
At most meetings, we will be studying and     offer helpful advice about particular strategies        Investors enter the names and number of shares
comparing companies in a single industry,     and resources. Contrary to popular belief, most of      they hold, and can then access instantly-updated
using NAIC computerized investing tools       these groups offer honest, intelligent discussions      quotes, news, charts, and valuations throughout
and techniques. We will learn to add judg-    (although you should always verify any information      the day. Yahoo! Finance (quote.yahoo.com), from
ment, based on company history and pro-       you receive, online or off, before investing).          the leading Web directory Yahoo!, offers a free
jections of future growth of sales and        Silicon Investor (www.techstocks.com) is devoted        portfolio manager that provides current trade and
earnings. All discussions are applicable to   to technology stocks. The Raging Bull (www.raging-      volume information for a basket of stocks. In addi-
those who study stocks with or without a      bull.com) provides specific message boards for          tion, investors can click to access charts, head-
computer. Guest speakers will demon-          thousands of stock discussions and the Armchair         lines and complete news stories from the past
strate a variety of investment software.      Millionaire’s message boards (www.armchairmil-          several months, company profiles, earnings esti-
                                              lionaire.com) help beginning investors with a clear,    mates, and links to SEC Filings for that company.
             1999/2000 Calendar               unbiased and sensible approach to investing.            Taking a different approach to keeping investors
   September 10 – Computer Software                                                                   up to date is InfoBeat’s free Closing Bell service
        October 8 – Vector Vest software      Investors can use a number of screening applica-
                                              tions on the WorldWide Web to reduce the uni-           (infobeat.com) that sends each day’s closing
                      demonstration                                                                   prices for up to two hundred securities to your
    November 12 – Toiletries/Cosmetics        verse of potential investments. Hoover’s Stock-
                                              Screener (www.stockscreener.com) allows users           e-mail address. In addition, the service includes
    December 10 – Home Appliance                                                                      summaries of relevant market-making news sto-
      January 14 – Telecom Equipment          to search for stocks that meet their criteria.You can
                                              sort the results in any fashion, and links are pro-     ries, with links to the full text articles on their web-
     February 11 – Educational Services                                                               site. Closing Bell also sends alerts during the day.
         March 10 – Entertainment             vided to research on the site, too. MarketGuide’s
                                              NetScreen (www.marketguide.com) is another              An attached file includes price information in a for-
There is no charge and everyone is wel-       screening tool with some more advanced options.         mat ready to be imported into Quicken or other
come…                                                                                                 financial software programs or spreadsheets.
NAIC and New York Personal Computer           Acquiring & Analyzing Data                              Douglas Gerlach, the NY Chapter’s speaker in October
Users Group (NYPC) sponsor these meet-        One of the most exciting developments for stock         for “Using the Internet for Investing”, is the publisher of
ings. If you are interested in using a com-   investors has been the emergence of sites on the        Invest-O-Rama! (www.investorama.com), a popular web-
puter to enhance investing, join the NYPC,    WorldWide Web that provide fundamental data.            site for investors, as well as the author of Investor’s Web
                                              Rapid Research (www.rapidresearch.com) is               Guide: Tools and Strategies for Building Your Portfolio
a computer-education resource that benefits                                                           and The Complete Idiot’s Guide to Online Investing.
both novices and experienced computer         free, and the company reports are quite detailed,       He is also editor of Armchair Millionaire (www.armchair-
users. In addition to free Special Interest   with five or six years of data available.               millionaire.com) and a Director of the NAIC Computer Board.
Group meetings each month, reasonably         Many investors have come to depend on the
priced classes are available, ranging from    Security and Exchange Commission’s EDGAR
introductory to advanced topics. For more
                                                                                                        What is The New York
                                              project to retrieve quarterly 10-Q and annual 10-K        Chapter of NAIC
information call (212) 984-0626.              filings for public companies. All public companies
                                              are required to make these and certain other filings      The New York Chapter is the chartered
                                              electronically, and investors can download the            local arm of the National Association of
          HANDS-ON                                                                                      Investors Corporation. The organization,
                                              reports from the SEC’s website (www.sec.gov)
      COMPUTER COURSES                        24 hours after they have been received by the             run by volunteers, exists to help club
                                                                                                        members or individuals learn about
       COMING IN JANUARY                      Commission. But FreeEDGAR (www.freeedgar.com)             investing in common stock.
                                              aims to make it easier and faster for individuals to
The New York Chapter will be sponsor-         access EDGAR filings.Their website allows users to        This Chapter helps clubs and individual
ing several three-hour hands-on work-         search through the company’s real-time database of        members learn sound investment prac-
shops on the Investor’s Toolkit 3.0,          company filings, and display multiple years or quar-      tices with NAIC® educational aids by
                                              ters on a single table.                                   sponsoring investment classes, events,
the NAIC’s official stock evaluation                                                                    and workshops. Other Chapter activities
software, and Club Accounting on              Investors with a more technical approach to the           include helping individuals form new
Saturdays and Sundays in Manhattan.           market may appreciate the free Java-based                 clubs and aiding club treasurers in
                                              charting application created by ProphetChart              adopting NAIC accounting practices.
 Computer users who are interested            (www.prophetchart.com). Traders can customize
in obtaining more information should
e-mail Phyllis Pawlovsky at                        To communicate with NY Chapter Directors or to request information, send an
PGP106@cs.com.                                                    e-mail to NYNAIC@ better-investing.org.

2   September, 1999
Educate, Empower,                                  whether sales and earnings have been grow-
                                                   ing at a steady rate and whether the pretax
                                                                                                      As of July, 1999, Model Club #1, which was
                                                                                                      started in 1989, had 37 members, and was
Enrich Yourself...                                 profit is increasing. We want to know if the
                                                   company is a leader in its field, a new com-
                                                                                                      invested in 18 companies for a total portfo-
                                                                                                      lio value of more than $73,000. At the same
the NAIC Way!                                      pany with rapidly increasing market share or
                                                   an older more established company that we
                                                                                                      time, Model Club #2, which was formed in
                                                                                                      1996 to accomodate newer members seek-
You Can Do It!                                     would expect to be growing at a slower pace.       ing to join a club, held 20 equities and was
by Doris Schreiber                                 If you think this kind of analysis is only for     valued at $60,000.
                                                   experts, you’re wrong.You, too, can learn to
Secretary, Model Club #1,                                                                             The NY Chapter also sponsors a monthly
                                                   do it and make intelligent investment decisions.
New York Chapter NAIC                                                                                 Computer Club (jointly with the New York
                                                   The NAIC teaches its proprietary stock analy-      Personal Computing Club Special Interest
       ecome an informed investor using the

B      time-tested principles of the National
       Association of Investors Corporation
(NAIC). NAIC is a non-profit educational
                                                   sis system through lectures, observations and
                                                   classes staffed entirely by knowledgeable vol-
                                                   unteers and offered throughout the greater
                                                   New York area. In addition, everyone is wel-
                                                                                                      Group/Investing) where stocks are analyzed
                                                                                                      on the computer using a variety of software
                                                                                                      and where NAIC principles are put into
                                                                                                      action each month through the “Stock to
organization whose sole purpose is to give         come to attend Model Club meetings. (Model
you the tools and understanding to invest                                                             Study” feature in that month’s Better Invest-
                                                   Clubs are real investment clubs where mem-         ing magazine, the NAIC’s official monthly
wisely in growth stocks.                           bers invest together following NAIC principles.)   publication. Representatives of computer
There’s no smoke or mirrors to this method,        The NY Chapter sponsors two Model Clubs            hardware and software companies, such as
nor is it a get-rich quick scheme, either.         that meet 7:30 - 9 PM (after the Chapter           Microsoft and Intel, make presentations of
NAIC members are long-term investors; in           meetings) the third Tuesday of every month         their products. It is not necessary to own a
fact, day trading, so popular now, is the exact    at FIT in Manhattan (see page 1 of this            computer or even to be computer-savvy to
opposite of the NAIC style. By disciplined         newsletter for details). Their purpose is to       understand and profit by the discussions.
investing, based on sound principles and           provide a supportive environment where
practices, and especially, working with your       members can learn how to research and              The Computer Club, because of the way
peers in an investment club that you may           analyze companies and present their find-          it is organized, cannot invest real money and
form with friends, co-workers or family, you,      ings for review by the club membership.            is, therefore, even more of a laboratory for
too, will be successful in learning to invest in   The Model Clubs include experienced as well        learning to invest without risk However,
common stocks and mutual funds.                    as newer members; the more experienced             accurate records are kept of every would-be
What is this NAIC method? First, NAIC              members mentoring newer members.) Model            purchase and the Club functions exactly as
teaches us to look at a company’s five-year        Club members invest a minimum of $20 per           it would if real money, rather then “mock”
history to determine whether it’s a sound          month; membership is highly prized and             money, were being used.
and fast-growing company. We look to see           there is a waiting list for new member places.     Fall is a time for new beginnings. If you are
                                                                                                      not entirely happy with the state of your in-
                                                                                                      vesting knowledge, or if you’d like to expand
       !!Youth Investing is Coming to New York!!                                                      your horizons, make new friends and have
            IMAGINE ... how your life could have been different if as a teenager...                   people to talk to about investing, start now
                                                                                                      by taking advantage of the opportunities the
          ¯ you had started investing on a regular basis, reinvesting all of your                     NY Chapter offers. Come to the Chapter
              earnings (dividends);                                                                   meetings, observe or put your name down
          ¯ you had invested in top quality growth companies and built a well-                        on the waiting list to join a Model Club.You’ll
              balanced, diversified portfolio.                                                        be glad you did.
   Learn about the NAIC Youth Investing Program. Prevent another generation from
   saying “If only I had known!”                                                                      s Attention Investors
   If you would like to participate in the Youth Investing Program in New York, let us                NAIC forms, manuals or supplies are
   hear from you. We are especially looking for young adults ages 13-17, who are inter-               available through the New York Council
   ested in or already involved in investing, as well as educators and parents. Please                by calling Al Clarke, (718) 525-7563 or you
   call Kathleen Harper at 212-750-8931 or e-mail younginvestors@harpervision.com.                    may order direct from NAIC in Madison
                                                                                                      Heights, Michigan (248) 583-6242.

                                                   or current “hype” about the stock. Joe says        2. Company growth slows as companies
Investing Wisdom                                   this prevents wasting too much time on the            mature in their “life cycle.” Based on 20-
     he following have been collected by           ones that don’t seem to meet minimum                  plus years of investing experience, Lynch

T    the editors and excerpted from I-Club
     postings. The I-Club is an online
investment forum exclusively for NAIC
                                                   standards.
                                                   Cy Lynch, Vice President of the Atlanta
                                                   Chapter and winner of the 1998 O’Hara
                                                                                                         feels comfortable with that 15-20% range
                                                                                                         being the top end of what is sustainable
                                                                                                         over the long term by exceptional
members. It can be accessed at the NAIC            Award, says he “rarely” estimates sales or            companies.
website, www.better-investing.com.                 EPS to grow faster than 15% and never esti-        And now a quote from Peter Lynch,
New Jersey Chapter’s Joe Smith suggests            mates them to grow faster than 20% because:        legendary former manager of Fidelity’s
that, as a quick screening method, investors       1. EPS growth over the last 70-75 years            Magellan Fund: Spend at least as much
should look at the current price in the latest         has averaged about 10-11%. Thus a              time researching a stock as buying a
Value Line edition and if the 5-year fore-             company growing at the rate of 15% is          refrigerator. We say: Start now doing
casted high price isn’t at least double today’s        well above average and one growing at          your “homework” the NAIC way!
price, flip the page, regardless of the “story”        20% is exceptional.

                                                                                                                            September, 1999           3
    JAMAICA, N.Y.
     PERMIT 284                                                                                                                                 Malverne, NY 11565
    PREPAID BULK                                                                                                                                Box 180
     NON PROFIT                                                                                                                                 c/o Jack C. Rodolico
                                                                                                                                                NAIC NY CHAPTER



                                                           Periphonics Corporation, Quanex
Fact and Fun-Filled                                        Corporation and Texaco. The Exhibit                         Invest in Your
Investors Fair ®                                           Hall offers a wonderful opportunity to talk
                                                           to the Investor Relations representatives
                                                                                                                       Chapter: It’s
Coming to NYC                                              from the participating companies.                           Rewarding!
October 23rd                                               During a buffet lunch, you will hear our
                                                           keynote speaker, Cheryl Scarboro from
                                                                                                                       by Yvette Wright
by Avi Horwitz                                                                                                         Director of Volunteers,
                                                           the Securities and Exchange Commis-                         NY Chapter
NY Chapter NAIC Investors Fair ®,                          sion, a truly knowledgeable and exciting
Co-Chair                                                                                                                    s members of NAIC and as members

                                                                                                                       A
                                                           speaker.
    re you looking for a day filled with                                                                                     of local investment clubs, many of

A    investor education, company pre-
      sentations, workshops, club clinics
and more? SAVE THIS DATE – Saturday,
                                                           The afternoon will offer seminars for
                                                           every level of investment experience, pre-
                                                           sented by special guest lecturers. Check
                                                           your Fair brochure for details. There are
                                                                                                                               us have carved out portions of our
                                                                                                                       earnings to invest in the stock market. And
                                                                                                                       surely, if you are adhering to the principles
October 23, 1999 – because The NY                                                                                      of the NAIC, you know and appreciate that
                                                           several “one of a kind” workshops that
Chapter Investors Fair ® is coming.                                                                                    even a small investment in the market, can
                                                           should not be missed by investment club
                                                                                                                       result in great rewards in the future.
There will be presentations from our five                  members, “newbies”, and more experi-
corporate sponsors: AFLAC Inc., Dana                       enced investors. These sessions will be                     The same payoff is true of volunteerism.
Corporation, OM Group, Inc., Lucent                        pre-registered. As there is limited space                   Your contribution as a volunteer in the
Technologies and Synovus Financial                         available – REGISTER EARLY.                                 NYC Chapter can have a great impact on
Corp. With such an impressive line-up,                                                                                 the organization’s success. Volunteerism
                                                           For a truly affordable price with discounts
this year’s Fair is shaping up to be one                   for three or more club members, you get                     can take many forms: members can assist
of the New York Chapter’s most exciting                    all this and more – Contests, Door Prizes,                  in mailing newsletters and announcements,
events ever! Each of the five companies                    Continental Breakfast and a Buffet Lunch.                   conducting an activity, writing an article for
will present their story for your considera-                                                                           this publication, or making a suggestion for
tion. NAIC investors tend to hold for the                  So what should you do to make the most                      a program. Did you know that there is even
long term and are loyal shareholders.                      of this wonderful event? Prepare! Be                        a need for people to retrieve messages
Therefore, many companies are eager to                     armed with relevant questions to ask the                    from the chapter’s voice mail system? And,
meet and talk to NAIC investors whom                       knowledgeable Investor Relations repre-                     no contribution is considered small – even
they see as a stabilizing influence on                     sentatives from the 15 companies who                        an hour can make a big difference.
their stock’s performance. In addition to                  are sponsoring and exhibiting at the
sponsors, the exhibition hall will show-                   Investors Fair ®. Take advantage of this                    Look around you; indeed there is a need
case Ambac Financial Group, Inc.,                          opportunity for investment education                        for your help. Help us serve the needs of
AMCOL International Corporation,                           sponsored by your Chapter.                                  our Chapter members. Choose to invest
B/E Aerospace, Inc., Bell Atlantic                                                                                     in NAIC. Volunteer!
Corporation, Diebold Incorporated,                         Watch for our Investors Fair ® mailing
                                                           and remember to register early.                             For more information, please contact
E’town Corporation, Nokia Group,                                                                                       Yvette Wright at 718-399-2280.

NEW YORK CHAPTER OFFICERS: President: Phyllis Pawlovsky • Vice Presidents: Monica Noel / Membership; Rosemary Hassett / Education; Yvette Wright / Administration
• Treasurer: Stephen W. Beer •. Secretary: Joan Ford • Recording Secretary: Avi Horwitz • Board of Directors: Al Clarke, Bill Dunn, Leotta Boulware, Joe Fisher, Baunita Greer,
Rosemary Hassett, Lillian Heard, Anita Hunter, Jeannine Pemberton, Jack Rodolico, Linda Smalheiser • Associate Directors: Robert Irizarry, Susan Kideckel, Marvin Tallerman
• Heads of Committees: Computer Group; Newsletter / Phyllis Pawlovsky, (212) 744-0249 (PGP106@cs.com); Education / Lillian Heard, 718-723-4360; NAIC Supplies / Albert Clarke;
Media Relations / Anita Hunter (AHunter166@aol.com) • Editorial Staff: Editors / Phyllis Pawlovsky, Anita Hunter. Reporter: Doris Schreiber. Columnist: Avi Horwitz.

4     September, 1999

				
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