 Welcome everybody good afternoon to better investing. Today we're going to share with you some of our insights and resources that helps to make our members better investors. We're our three directors from the San Francisco Bay Area chapter of better investing. My name is Harriet Chan. I will be taking the first section of this presentation. Will Cox, he will take the midsection and Craig Bremer will take the third and final section. I do want to mention that we're all volunteers. I was told that you want to hear I did I should tell you about my investment club experience. I started my first investment club in 1999. I was also a member of the San Francisco model club, and I had also started an option investment club. The last seven years I've been a caregiver to my 93 year old mother in law, but currently I am starting a new club, the virtual investment club and what I mean by virtual is that we don't co mingle our money. Okay, next slide. This claimer just want to mention that this class and all the material is for education purposes. Next slide. This is our agenda. We're going to talk about who we are better investing, why starting an investment club, starting an investment club education opportunities, the investment tools that we have, and a little summary. I think that. Okay, next slide. We are a 501 C nonprofit organization. We've been in existence for over 70 years. We started. It was founded in 1951 in Detroit, Michigan by three investment club to in Detroit and one in an arbor of these, these clubs built successful portfolio and thought other needs to know how to do this. So that's what better investing does basically we share our experience and hopefully help people become long term investors. So we're here we're here as a nonprofit association of investment clubs and individuals. And we're here to serve our members. We do this by creating and delivering education programs about fundamental long term investing. We also have online stock analysts and other tools that reinforce the lessons of fundamental investing. And it's a combination of education and the tools that help clubs and individuals become successful long term investors as a nonprofit. We don't charge commissions, and we don't make investment recommendations. We are not stock brokers. Instead, we teach our members, and how to determine whether a stock is worthy of your hard earned money. And we teach members how to determine the price at which to buy the stock that will give them the return they're seeking. Next slide. The local chapters, we're all volunteers. And you, and every one of you is welcome to join us. We have a board meeting of the second Tuesday, each month at 730. And all meetings are fairly efficient. They usually only last an hour. We participated with the San Francisco public library in a in April for financial literacy month for over six years now. We have a model club, and anyone is welcome to attend to see the process and procedures for an investment club. We're zooming the meetings now, and it is on the third Thursday at 545. Second Thursday, second Thursday, I'm sorry. Thank you for the correction. We also have have had assume classes during this pandemic. So. Okay, next slide. Our mission, our mission is to create successful life long investors. We're all volunteers, and there's roughly about 600 volunteers educators. So we have helped over 5 million people from all walks of life to learn how to improve the financial features. Okay. All right. Next slide. This is a very important slide. I will suggest that you study the slide, do some basic math. And you can see the magic of compounding. I want you kind of look at the long term growth of these different asset class, the top two lines with the green circle. Those are the small cap, and the large cap returns large cap return 10 and a half percent, and small cap returns 12.4%. So you can see that for every dollar, how much it has grown, and you can compare that to the other different classes. So if you're looking at T bills and Treasury bills. Government bonds is returning. Treasury bills are referring 3.5% and government bonds at 5.7. In the translation rate over this 90 year period has been about 3%. Basically, if you invest at $1 in 1925 by 2016 that $1 would have grown to the amount over what you see on the right hand side. And for the large caps, it would have grown to $7,338. That's very different from the T bills where that $1 only grows to $22. The stock market really does make your money work hard. My mother was not lucky enough to get this information about investing in stocks, and our lives could have been a lot better if this information was available. There's investment risk, and there's inflation risk. To me, inflation risk is much more risky than inflation risk because I live through it. Okay. So, regardless of the risk, I think that stocks offer the best return on your investment over the long term. And so I really would recommend that you look over this graph and think about it. And, and call us if you have any questions. Jim is going to take over the next set of slots. All right. Thank you, Harriet. Brief introduction I've been investing since the 80s. And the longer I invested the more money I had to invest. I got more serious in club investing shortly after the turn of the century and help found the Bay Area model investment club in 2011 and have held several positions there currently the treasure for the last few years. This slide our core beliefs. And that investing is possible for everyone. That doesn't mean that everyone's going to go about it the same way. There's no magic. There's no secret formula or insider information. It takes time at things work, but we have fun at it and we think you can too. Next to our emphasis on investment clubs. Our second point that together we can accomplish more has two kind of components to it. One is in a club. And by definition have a number of people so you have diversity of education occupation experience everyone brings a different set of information understanding education to the table. And by pooling that as a club that you gain a better insight hopefully into the stocks that you're looking at to see if you want to invest them, but the group dynamic is very good. It's very very helpful. We say investment clubs provide a safe and supportive way to learn how to invest. We focus a lot on education in the model club. We have a segment on education in each of our meetings, which are once a month, because to be a successful investigator, you have to educate yourself, you have to learn the jargon. And we all know that every group has its own specific jargon, and you got to understand it, even if you don't buy yourself trades but deal with an advisor. You should be able to understand what your advisor is saying, so that you can agree disagree with that person's opinions, and ask now hopefully intelligent questions. It's very supportive, because you have group decisions after research is done. And you have a vote by the club whether or not to invest in a particular stock or to sell a stock you hold. You don't go by tips, you don't go by impulse. Most clubs meet monthly, or sometimes less frequently. You're not acting on spur of the moment media sensations. There's no rush to judgment. I liken an investment club to kind of an exercise club. We all know we should exercise is very difficult. If you do it all by yourself. If you're a friend or two friends and you encourage each other it's time to go for a walk it's time to go to the gym. You're more likely to go for a walk or go to the gym. If you have an investment club meeting once a month. You get some pressure to do your homework. Everybody does and when you get together you enjoy the fruits not only of your homework, your research, your thoughts, your opinions, your experience, but that of the other people in the club. We say investment clubs are safe way to learn why. First, if you follow the guidelines, you don't put all your eggs in one basket. And you are thoroughly researching the stocks before you invest in them. And in any group, you're going to have few people who will want to argue or discuss the merits of the stock. Plus in the club you're investing just a small portion of your assets in our club. The minimum monthly investment is $25. If you join the model club. There's an initial joining it's not a fee because it's all invested, but you put in $125 and then between $25 and $100 a month. That is not a King's ransom. It's all invested. The only fees or charges that you have, which you would have in any investment club are brokerage fees, if any, although trades mostly now are free. You have to have an accounting system to back up. And you can go with website, and there are other small costs that a club has to endure. For example, fictitious business name setting up a business entity to be the club. But again in numbers, all of these costs are very small. The costs for our club are for member, something around the neighborhood $25 a year for accounting tax prep website. And all that goes with that. Next slide please. Why do we believe better investing will work for you. It's a common sense approach. And even though common sense is sometimes seems to be rare. It still exists. What we believe in doing is evaluating the past of your stock, your company, how did it do. If you like the way the company's done to date, then you try to estimate the future. What do I think will happen in the next five years? Will this company still be in business? Will they be expanding? Are they becoming outmoded? Once you've accomplished those two things, then you discuss and debate. That's the monthly meeting or the bimonthly meeting or the quarterly meeting. So people can come up with their questions, can get them answered. And after you've discussed and debated whether you should buy this stock and if so, how much should you sell something, then you have a vote. And our club majority rules just one person, one vote. The second thing about a club is to the extent the club pushes it. You have a lot of education and information available to you, particularly through better investing. On our website for our club. You can go back and look at all of the stocks we've ever looked at. We've been in existence for 11 years. On the BI website, there are recorded presentations, there are events noted, there are a myriad of educational opportunities which will be touched on later by Craig. Tools and resources. Better investing has some basic tools and then a large number of resources. One of our basic tools is called the stock selection guide, which is a form. A lot of it you can is filled out for you, giving you historical data on earnings on sales on PE ratios and other things. And then part of the SSG, after it's given you the numbers for how the stock has performed in the past, it asks you to estimate how you think the stock will perform in the next five years. And you don't have to scratch your head and come up with a number. It provides links to available sources of information to tell you what other people are thinking this company will do in the next five years. And there's another form, which is called a first cut form, which I believe is very helpful because it forces you to answer the why questions. Why do you think this company will do well in the future? Why do you think that its earnings will increase 10% per year for the next five years? Those also are topics, good topics for discussion when your club is evaluating stock. We all have different opinions and the group dynamic allows you to put all those opinions together and you have the benefit of a wide range from which the group can decide which estimate is the best or the most comfortable for them. Community support, community and support. Again, the BI website offers the opportunity for you to view others work. If you're researching the ABC company, you can go on the website and see if, as someone else researched it, did they fill out a first cut form? What did they say about why they thought the stock should be bought? Did other people do a stock selection guide on it? If so, what did they say? What did they estimate? What figures did they come up with? Again, this is kind of an expansion of the group dynamic. You're putting the work of others to work for yourself. There also are ways to communicate with other clubs or to raise a general question about procedures or practices and get some feedback. Next slide, please. What is an investment club? That's basically a group of people with a shared interest in investing. Frequently, they also share another interest. They may all work in the same office or just be in the same profession. There are a lot of investment clubs that are family oriented, mom, dad, kids, aunts, uncles, cousins. It doesn't really matter where the people come from, but frequently there is this commonality. Some people do it with just their friends. They aren't related by marriage or work or profession. Personally, I think it's fun to have a club with people from all walks of life and certainly different ages and perspectives. Why start an investment club? As I mentioned earlier, if you have the group dynamic, it gives you a little push to do your homework. You have to study. You don't become educated by sleeping with the book under your pillow. You have to open it up and read it. The same goes for investing. You have to do a little work in a club. You share the work. Many hands make light work. That's an excellent reason for starting a club. Plus, of course, you get the group dynamic and you widen the knowledge base of the people analyzing the stock. You take any like Disney. A lot of people like Disney. Some people don't. Or some of the social media companies. Or maybe people, you have a banker who understands banks. Many of us don't understand banks and how they make money. So get a nice diverse group and it will be better for you. It will expand your opportunities. Next slide. How do we operate? We are fundamental investors. Sometimes that's hard to explain, but we look at how does the company do? How does the company make money? We tend to follow Warren Buffett who says, don't invest in a company you don't understand. If you don't know how the company makes money, it's very difficult to estimate how you think it's going to do in the future. So you look at the fundamentals. How much debt do they have? How do they spend their money? What's their executive compensation? Compare them with their rivals, with their competitors. But the four principles outlined I think show in many ways what a fundamental investor does. First, you invest regularly. That's why we require every member to invest every month. It has to be a habit. You're not going to make money grow unless you invest it. You're not going to win the lottery if you don't buy a lottery ticket. Not that the stock market is a lottery, but the point's the same. You have to put in the original dollar. Harriet's slide showed what $1 90 years ago would have done. I don't think many of us were alive then, but I've been investing long enough to know that investing regularly pays dividends literally and figuratively. Reinvest the dividends. That's the second nature of compounding. If you don't reinvest your dividends, your investment will grow much more slowly. You've already set the money aside. Don't take any out. Buy high quality growth stocks. Admittedly, we are emphasizing growth stocks. There are other investment strategies which invest in, well, momentum. If a company is going up, they say jump on the bandwagon as long as it keeps going up. We don't view that as fundamental, and we believe it requires a lot more specific attention to the stock. If you have a good company that's fundamental, it will rise and fall over time. Not all stocks go up all the time. Look at the last three months, but if it's a good quality company over time, it will go up. One thing you should understand that an investment club is not trade. We buy stocks with the intent of holding them for five years. That doesn't mean we hold them for five years. Sometimes you make a mistake and the company doesn't perform and you sell. Sometimes it does extremely well when you buy more, but we believe in growth as a core. And actually, if you look at the world economy, it's all based on growth, possibly too much so according to some commentators. When we say reinvest dividends, it doesn't necessarily mean in the same stock. It's just, you know, don't pull that income out. And the fourth is diversity by industry and company size. It's simply don't put all your eggs in one basket. If you've studied the stock market, you will see that when some stocks go up, others go down. And there's not necessarily a one to one ratio, but by diversifying in industries across the board and small companies, medium companies and large companies. You'll minimize the volatility of your portfolio, i.e., you'll minimize the ups and downs. And basically, next slide, this kind of summarizes what I've been talking about. You look for a good quality growth company. Sometimes they're hard to find. I mean, how many people wish they'd bought Apple when it first came on the scene and then just held it through thick and thin. I mean, it tanks somewhat when Steve Jobs left, but if I'd kept the Apple stock I sold to finance my children's education, I'd be a wealthy man or wealthy. But I think my kids education was more important, so I'm more wealthy in that regard. Well, once you found a good quality growth company, then that's good, but that's up to today. What is it going to do tomorrow? What is Apple going to do in the next five years? You look at its track record, but you also have to think ahead. Analysts like the story of Kodak, they didn't make the switch from film to digital and they paid a price. So once you found a good company, you think it's going to do well, then you have to say, well, how much is it costing right now? And is this a reasonable price? And the tools that I've mentioned, the stock selection guide and the first cut will help you to do that. And then the decision. You know, debate, discuss and vote and decide whether to buy, hold, sell, or sometimes say, we'll just watch the stock. We think it's good, but it's a little expensive. It might come down on the next few months and then we'll go in and buy some. So that's basically what clubs do using the group dynamic and supporting each other. It's fun. I think it's safe. And most importantly, it educates you in how to be a good investor and how to understand what investments are all about. And with that, Craig, I'll turn it over to you. Great. Thank you, Jim. I appreciate that. The next slide is talking about consistent learning opportunities and let me give you a little bit of background about myself and we'll cover the different things that are on this slide. My name is Craig Braemer, and I'm the local local president of the San Francisco Bay Area chapter for better investing. We're all volunteers as you heard from Harriet and Jim earlier. And this is a local chapter. And Harriet talked about investing in better investing is history. And you saw that chart, which we only gave you one chart. There's obviously lots of other charts we can give you that we'll talk about investing in history. And what you will see pretty conclusively over all those charts is investing over time tends to make you money pretty consistently over the decades. And you heard from Jim, some of the basic concepts about how better investing thinks about investing and how we think investors can invest. There's obviously many different ways to invest. We're just showing you one way and one way that we've known that has worked for the last 70 years from the original founders that found how to do this process they've been showing us and some of us have been doing these for many years. I myself. And so, and I'm the wrap up person here so I'm going to show you all the different resources that are potentially available through better investing to help you if you want to actually go out and start your own investment club or start investing. And so my background is a little different than what Jim and Harriet's. I'm actually a financial professional. I was educated in finance and accounting, coming out of out of college. But I have found investment clubs been a great way for people to learn how to invest. I started my first investment club in 1987 with some friends in college one of my friends suggested we had to do this investment club. And we did and on average over the decades that we've had is still going to stone you today we put about average about $100 a quarter in and a year or two ago we crossed a little over a million dollars. It's done well for us over time. It's gotten about maybe a little bit better than market return, but it's done well over time and to stay together and build your assets is to me the important piece. Now I became involved with better investing in the 90s after my first club was started, and got involved in the local level which I'll describe in this chart. And that has helped me become, I think a better investor but also better communicator how to think about investing. So I've been involved with this for a long time. I teach both locally here and as is Jim and Harriet has done over the over the decades, and I also now teach at the national level for the last decade. Now on this slide, the most important piece on this slide is the upper left versus the building blocks of success successful investing. Jim has walked through a number of building blocks of how to invest Harriet has walked through. Maybe groups to help you investing we think better investing is a pretty good deal. We've been involved with the for a long time. That's usually a pretty good testimony that maybe something there works. I believe, and I think everyone else does on the board that all the volunteers that are on that we think education is key to becoming a better investor over time so that's part of the building blocks so the more you can educate we think the better off will be. Obviously, investing is important for people to get ahead in life. If they want to build this a more access to help themselves or their family in the long run. So all these things are kind of important things to think about these are the building blocks of successful investing so on the lower left. These are our local online learning events. So we have a model club meeting every month. You heard about that earlier it's the second, second Thursday of every month at 545 sometimes they're virtual all meetings are virtual but there are some in person meetings, and the next one will have in person will be on April 14. So, if someone wants to do that, please contact myself and we can get you into that meeting. We have board meetings we also have other events, better investing is teaching today but we're also going to have three other classes throughout the library's financial literacy month. This is just something we do we try to educate people. On the right hand side, this is really your local chapter support for your clubs, or if you're an individual investor, you'll have a local events is what you see on the left hand side there's contacts on here. If you want to reach out to someone say hey I got a question about this, you have the ability to reach out to someone locally. We have a model investment club which both Harriet and Jim and both shared. It meets monthly, we have 15 members we manage $130,000. Good way to learn good way to see how people act and learn about investing. We have something that's called visit a club you go to a website. You there are other clubs that will allow visitors to come visit their clubs you see how they operate. The big benefit of stepping back and looking at another club is seeing how they operate. What do they do what there might be things in there that you might learn about and think that Oh, that makes some sense. I had to do that. Lastly, there's the investment club support. There are 11 volunteer directors in the San Francisco chapter. Not all of us go out and teach not all of us do club visits not all of us do different things, but as a group we support our local chapter. And we do quite a bit, I think to help people become long term investors. And at the national level. If you were to be a member better investing you don't have to be a member of that investing but there's something called the better investing national convention. This year it's held in June 24 through the 26 in Dallas. This is roughly two and a half days three days of a whole bunch of education classes. Tons of education classes taught by various people that have better investing background. Typically, someone more professional investors someone more just people that have been investing for a long time. They've taught these classes for many years. And this is a great way for people to learn more and more about investing. You want to learn more. There's a, there's a ability to click on or not click on here but take this and put it in your browser. And you'll learn more if this is something that becomes an interest to you wanting to do this. This year's in Dallas at the Western. And like I said, there will be hundreds. There'll be hundreds of people in attendance. And at least typically that's what we normally see 500 to 1000 people, and they'll be something like 50 to 70 teachers that are there that are many people have been teaching for many many many years. So it's a great way to go and learn and hear how other people are doing it from an investment perspective. This slide has to do with the stock what's called the stock selection guide, otherwise known in our world as a SSG stock selection guide. It's an online analysis analysis tool. This is a picture of the first page of the SSG plus in Jim's slides he had a picture of the SSG core. It's a different module. The core is a for more beginning investors to walk through step by step. Once you've been doing it for a while people like to go to the SSG plus, because it's a faster process to go analyze your companies. This is the basic information you look at this is page one of page two. And literally there are two pages to help you analyze the company and make a decision there's an additional other pages that support data which is called quarterly data, which allows you to have other history that you can go look at. But this is our primary analysis tool. We spend our time looking at these combining this with other data from other resources it could be a first cut as Jim described earlier that someone has written, explaining why we'd like this but it could be a value line report. If you haven't, aren't familiar with value line, go to the value line at the library. It's a great resource to use. It's an independent third party that that analyzes roughly 1700 companies, and that it gives you the ability to have some history about all the companies you're looking at. This online analysis tool is a good way to learn how to look at companies. In my mind, having been investing for 40 years. I look at this is a good way to analyze a company's business model, and obviously the better statistics out there will show up through their numbers. If they're a good company over time. So, to help people learn about investing. We have sometimes local classes, both in person and virtual. We were doing another virtual one this fall. We'll probably do some local ones again this year as well. Additionally, at the national level, they do, they have lots of videos, lots of historical class they've taught on walking through the stock selection guide, and some of the parts are important, how to fill it out how to think about the different sections, and there's many, many people out there that spent their time, spending many hours teaching this document. But it's a very important tool for us. Again, at the national level this is information resources, and on the upper left it says most active stocks. So, you can get information about what are the most active stocks that better investments tracking of its membership. You can see where we are looking to buy and where we're looking to sell on some of those different names and then you can make your decision do you agree or don't agree with that. That's in the upper left on the upper right there's also something called the better investing top 100. This is the most common holdings of our members that they track this is a segment of our population they track. So you can see the top 100 companies. Why is any of this data important. Well, if you're looking for a new idea might be nice to see what other people are looking at, why go figure it out, or create the will yourself. And this time it's already been done others are doing this you can bet you can get their information and then put it in with your information and make decisions does this make sense to you. On the lower left, the better investing magazine. This is a monthly publication. I think it's one of the best financial magazines out there, specifically focusing on two areas stock investing and club investing. And if you are have interest in both those areas which I have had for 40 years, then I think it's a great place to go and learn about that and it's and they every month they will analyze, at least a company usually analyze two or three at different levels. And again, new more ideas for you to think about investing. And then in the lower right hand corner we have as Jim and Harriet I think both talked about first cut. So these are reports written by better investing members from across the country, it could be someone from the Southeast could be someone from Minnesota could be someone from New York. And then the report they've submitted to better investing better investing is put it available on their first cut section of their website, and you can go see what other people look like look at. This was interesting to us as a model club member because earlier this year, we want to go look at us. I think it was last year, we went to go look at a stock and at the same time that we were looking at two other chapters, or people had also written a report on that same exact stock, and they had also all came to the same conclusion that we came to that this company I believe was Adobe was looking attractive. And so we looked at that and said, These are two other clubs coming up with the same conclusion that we kind of came up all around the same time, all independent of each other we didn't talk to them they didn't talk to us. And so it was a nice way to see that the process works independently of each other. So, on this slide investment club accounting. Most clubs, when they first start off, even existing clubs, the accounting side is scary. It requires a lot of knowledge at some level requires consistency and the ability to work through things, but I would argue with it with using investment club accounting. In this case, better investing offers your own it's called my club.com online investment club accounting and portfolio management. This is the most widely used website in the world for investment club administration and communication. I think it can, it will significantly help any club looking to start off, make your accounting much easier. In many cases, when I first started my first of three clubs. This is done on Excel spreadsheet, much harder, much more complicated. This makes life a lot easier and there are other other. There are other accounting software out there that competes with them but this is the, the most popular one and better investing does support this and I would advocate. If you're looking at starting a club, I would look to get some sort of accounting software it'll make your life significantly easier. You should try things. Try it first before you start investing everyone try it first before you have to give some money over to somebody so go to best better investing.org when you go there. There will be a little box that says you can trial things and see how we do things but as you can see on this page we have why invest in stocks. Well there's a course that will walk you through why you should invest in stocks. So on the bottom there's some stock ideas, go to the first cut and go see some of the latest stocks cuts first cut stocks reports that have been put out there. So there's lots of information on what I would tell you to help investors get to become better informed over time and very simple just go to better investing.org and to see where you go from there there's ability just to sample things. On this page, if you're looking at really starting a club, there are a number of different things that we have specifically that can help you out. And they're all three. In most cases, so getting started with investment club open the upper left hand corner. It's a step by step instructions to help clubs get off to the right start. Additionally, I would also reach out to your local chapter in this case if you're Bay Area you reach out to us, we would be happy to chat with you in the beginning to make you sure you understand how to think about different things both from investing in an operations perspective many of us have seen many clubs over the decades and can give you different levels of advice. Number two, to the right of that 10 essential steps to starting up these are just basic steps to start forward. You should think about in the lower half club operations is a club application to join better investing to get all of these resources we're talking about. And again, finding a model club, we have one locally, we would argue, please come out and visit us. We think we can be useful. And you can see how we operate you don't have to do what we do but you can just watch what we do. And at the very bottom here better investing.org slash clubs go to that there's a bunch of different articles in there or videos that might be useful for you to learn more about what to do with investment. Also, on this slide, you know, take your next step. Again, there's lots of different ways to get going forward in the lower right we give your phone number and our contact and that's enough for the hard selling going on. But from our perspective, there's a lot of information we offer anything from webinars for club treasurers to upcoming events I will tell you there's probably an event several events every week that someone holds across the country for better investing. And that are usually can either be free or very low cost to help you learn become and learn more about investing. Again point out first cut reports we're quite happy with those and then lastly, you can see, and learn from different people about online stock studies that people have done. You can see what other people doing there's various classes that we hold throughout the month, whether it's a ticker talk class on that will walk through a whole bunch of different names and walk through some pieces of the SSG to other classes that will help you come and learn a bit coming a better investor at the San Francisco local level. We have the barrier model club and here's a picture of one of our most recent meetings that was done in virtual form. As I mentioned earlier we have 15 members we have 100 round $130,000 we're investing. We have about 15 stocks in our portfolio, we meet monthly, and you can see most of our pictures there. And this is something we do every every month in April will meet in person, though there'll be a number of people still joining us virtually due to their locations. Second Thursday of every month at 545 April 14 to this month. And this case will be the main library at the size of room but please reference me. The email address will be at the end for a slot in the room we have limited space of 15, 15 chairs in the room so we can't have more than 15 people, and usually the members take up about seven or eight of those chairs. So, we do have a limited amount of space, but we meet every month you can come as often as you like if you want to reach out to any of us you that is the local better investing email address. And as a summary, I want to touch on a couple of different things. We hope you'd consider looking and starting your own investment flow, we think it's been a great way go. As I said I started my first one in 87. I started two more in the next six years. All three of those are still going today, all have grown very nicely over the decades, and it's been a great way to learn how to invest the last one is the San Francisco model club which we started a little over 10 years ago with several of our directors, and is now expanded out to adding a number of new people again all learning how to invest. I think investing number one is obviously very important for your financial future, but also learning how to invest in groups is a great way of leveraging off what other people have learned and see how they get along in life. And then lastly, if you want to see more go to better investing or the videos. And there's several videos in there that are for free for free that you can go see and hear about what is investing close. So with that, let me stop. And here's our email address on the last slide and open it up to any questions about getting started with clubs. Thank you. There are a few questions in the chat so JP and I will go through those. So the first one is I want to confirm yes, everyone who registered for this class will be sent a link to the recording so you can watch this again, and also the slides. So you will have all the contact information and everything. And then I'll take the first question, which is. I believe Harriet said this can you clarify what you meant when you said inflation rate is riskier than inflation did you mean inflation rate is riskier than investment. And just quickly confirm and explain that question. That statement. Okay. I was saying I was more scare of inflation risk than investment risk inflation and basically you lose purchasing power. In the last couple of months you can see how much inflation has affected food prices and everything else. And you know if you multiply that over a lifetime. It is very to me, very very risky not to do anything with your money. So I would rather take the investment risk than the inflation risk. Because like I said, you know, growing up, we live through the inflation risk, and I see how difficult it was for my parents. And I think that's the answer your question. Thank you. I think that's what they were getting at and I, I figured that's what you meant, but just want to make sure. And that's really interesting. Thank you. Okay, go ahead JP, do you see another one. Well, I see one that Jim answered in the chat window but perhaps he can do that vocally for people aren't paying attention here but the question was are the meetings free. And Jim you're still muted. The model club meetings are free. Our San Francisco chapter board meetings are free. In terms of, if you go visit another club that accepts visitors, I never heard of one that charged on the recordings and such on the better investing website, some of them are free some of them you have to be a member of better than before you get full access. And at the various talks presentations that are put on. What the model club and the chapter do for financial week or month, those are free. Some presentations are made online and there's a nominal charge before the pandemic we used to have once or twice a year, a half day or a day of classes at a local college or meeting place and there was a nominal charge for for those. But the model club meetings that certainly are free. One you can attend in person when they're in person which aprils will be in person and quarterly thereafter. The other two hangover from the pandemic we meet virtually. And you're welcome to join those meetings by zoom. JP this is Craig. One thing to be aware, we do have our board meetings which is on the out that is available to anyone to come join, but those are our operating meetings basically to help us plan out our future. We would love anyone to come and want to join us and become better to help educate others. We have found that many people through the board become better investors because they learn so much from doing versus just sitting back and watching what other people do. But it isn't it is an opera, more of an operating meeting and how we run our chapter on a month by month basis. The model club is actually you can see us doing investing things on a day to day basis so those are really two different things. Right, let me emphasize the model club, it's an actual club we invest money. Our meetings are business meetings. It's an educational segment, but most of the meeting is devoted to running the club. We are hoping to model how an investment club should be run. A lot of investment clubs are more social. We are pretty much strictly business, which is not say that we don't have fun, but strictly business. So come and join us you can hear how a model investment club runs. So what goes into running an investment club how you make decisions, what reports are prepared and presented, what the financials are, etc. So, if you're interested, join us. Perfect thanks to both of you and perhaps we have time for one more. Thank you everyone. Do you think that there are any investment groups in France for American expats and and or how much support could we get to start one. What do you guys think a trip to France. We need to investigate that by all meeting in Paris next month. There you go. Sounds good. Sounds good to us. I have no idea but there's, but I don't know of any. But better invest he could tell you he could call him up and see if there's a club over there. There are clubs all over the place and there could be, but I have no idea. Interesting question. The beauty is, if with virtual world that we live in the fact that better investings, most of their information is in the cloud, it can be accessible from any place. And so you can do it from anywhere, at least from my perspective, and it's a great way to learn more. So, anyway, I go to the website you can ask them a question and they could tell you whether there is some groups in France, and if they'd have to support but you know, anything is available online. And so that's theoretically it's available any place in the world. Hey, I don't see any other questions JP did you see anything. No, I think that's it. Okay, I want to make a quick announcement sense. Value line was mentioned during this presentation on Tuesday the fifth we will be having a class introduction to value line top a Harriet at 3pm. You can find the information to register for that on our website, and I'll also include a link in the follow up email that I'm going to send later on today for everyone who registered for this class so that is an SFPL resource you do need a library card with us to access it but it's full of information and you can learn about it this week. I want to thank everyone for coming and also I want to thank our wonderful presenters. This is financial literacy month so thank you for helping to spread the word and spread information. Oh and you're getting a really nice thank you in the chat. So I want to wish everybody a wonderful Sunday and enjoy the rest of your weekend. And we may see some of you later this month for more classes. Thank you very much thank you everyone. Thank you during for mentioning value line. Thank you so much. We will talk soon. Alright. Take care everybody thank you very much for attending. Thank you. Bye bye.