Return to Minutes Index or SMC Home

THE SENIOR MEN'S CLUB OF NEW CANAAN

Minutes of the Regular meeting of May 18, 2001

President Lee Hindenach opened the business meeting at 9:58, on a still gray day, with 165 members present. We welcomed new members David Scannell and George Perkins, as well as Bob Witt's guest, Paul Decker. We now have 497 members, 3 invitees, and 19 wait-listed.

Membership Concerns: Don Freud reported that Dave Means is home recovering from surgery. President Hindenach noted with sadness the passing of Tom Brennan, a charter member of SMC. Rod Keagy offered warm reminiscences of Tom and other early SMCers.

Couth: Bert Liebelt reviewed the coming events: Goodspeed June 20; the jazz festival July 28 at Guilford, price $30-35; baseball with the Bluefish sometime; and Belmont in September. He also urged prompt payment by those wishing to make the Washington trip starting October 23rd.

Activities: George Delage presented the Zimmerman Bowling Trophy to Wally Robb, who said that it might be worth $20,000, implying that we have seen the last of it. Walt Hoffman described an esoteric bridge play by which he and Eric Musa snatched victory from the jaws of defeat and made a financial killing of almost 17 cents. Phil Toll is taking his 4F's to Stamford yacht club in June and in May to someplace else, as yet unidentified. Bob Moylan will have epic golf news next week. Racquetball prospers, as does tennis. Trailblazers head to Pound Ridge on Monday.

Other News: David Brown announced a lecture by Jane Francis Fitzgerald on missile defense, to be held June 2nd at the NCCC. Ed Shorkey asked support for a blood drive the 21st at St. Aloysius. And Lee called our attention to New Canaan Volunteer Recognition Day, in particular to awards given to Bob Rockefeller and our Touch the Future group. Huck Wood, Cole Fisher, and Don Rowland spoke for the latter.

Jester: John Berg described a genie who preferred to construct a colossal bridge rather than try to explain the minds and methods of those of the feminine persuasion.

Speaker: VP Bert Liebelt introduced our New Canaan neighbor David A. Wilson, Director of Merrill Lynch's Private Client Investment Policy, who first reviewed the current economic situation. He feels any recession (defined as two quarters of decline in GDP) will be modest and short. He expects none, which is the Merrill position. Employment is down, which is a yellow flag, but housing starts, consumer spending, and the purchasing managers' index were all much better than recessionary even before the Fed started lowering rates. They remain so, and reserves of cash are high. David's overriding advice for the day was: don't fight the Fed. In most prior cycles, but not all, easing made for higher markets. Leadership has started to broaden, and stocks look attractive vis a vis bonds. Merrill Lynch looks for a year end S&P of 1575.

With respect to the investment process, Mr. Wilson outlined five portfolio types of increasing risk level. He emphasized diversification and staying within our personal comfort levels for risk tolerance. He then listed and justified a few of his favorites in each of the sectors of technology, health care, consumer services, financials, utilities, and energy. In response to questions, David was luke warm on Enron, on GE near term, and on index funds. He favors some modest international exposure, but perhaps mostly through world companies such as Coca Cola and Honda. Throughout his illustrated lecture Mr. Wilson was ably assisted by projectionist Tami Aloisa, a Financial Advisor in the Merrill Lynch Stamford office.

Peter Schurman, Assistant Secretary

Return to Minutes Index or SMC Home