CRI is a company formed as an "investment club" located in Prince
Edward Island, Canada. There are currently 17
shareholders/members (maximum 20 allowed), and each contributes $55
every month. $50 is invested and $5 goes to the social fund
(which essentially means beverages for the meetings). Every
member must be an equal partner, which means new members must buy a
share equal to everyone else (market value). Members
can leave whenever they like, and, on departure, they receive their
equal share of the value of the company. As stated in the
shareholder's agreement, CRI's purpose/mission is:
a) to educate
Shareholders respecting the fundamental principles and techniques of
investing;
b) to enable
Shareholders to invest surplus funds mutually;
c) to invest
funds consistently on a monthly basis; and
d) to serve as a
vehicle for socialization among the Shareholders.
Members generally meet once monthly on the first Friday of each month
from September to June and take turns hosting. At the meetings
members drink beer, mouth off and occasionally buy some stocks.
CRI
usually has a couple of events in the summer (golf, CRI used to sponsor
a horse race at the provincial exhibition), and an annual general
meeting (AGM) each January usually coupled with an event (e.g. curling,
simulated golf). There is an awards ceremony at the AGM (which is
usually funny - at least if you're drunk) and a new executive is
elected (a sack of potatoes has been nominated and won the president's
seat each year running, but is always forced to decline after being
served with the meal).
Started early in the century, at the pinnacle of the hi-tech boom,
CRI's portfolio was originally quite aggressive and high risk, and took
about a 20 percent hit when the bottom fell out of the
market. Now the portfolio is more balanced and
diversified and the unofficial approach has changed from "get drunk and
buy junk" to "get tanked and buy banks".
Last Updated 2005-03-28 20:10 AST by Brad Trivers