Rotary Minutes
by Wendy Barker
In the beginning...
Co-president Carl Gross welcomed us to the meeting.
In the longest meeting beginning I can remember, Mike Weaver talked about the history of the Pledge of Allegiance, read it himself so we could think about the words, and then we all said it together. You might not have known that it was introduced in 1892, 27 years after the end of the disastrous Civil War. The pledge was an attempt to unite Americans during a troubled time. Then Christine (never Chris) shared a beautiful video of the classic song, “Imagine.”
After a delicious lunch, Co-President Gross thanked the following: Jerry Maryniuk and Tessa Turner for set up, Mike Weaver for the Pledge, Christine Golden for the Inspirational Moment, Tessa Turner for collecting money at the welcome desk, Greeter Betsy Watson, Bob Davis for fining and Bob Isler on the net, Sue Gilbreth for running around with the roving mic, the musical stylings of Fern Barishman, and yours truly, Wendy Barker, as the Reminder Editor.
Visitors
Visiting Rotarian Ventura East President Karin Cally, thanked us for supporting their poinsettia sales. Our guests included student Noma Jones and her family, and her Topa Topa Principal.
Upcoming programs
Jack Jacobs told us about upcoming programs. On January 19 the Treasurer for the State of California will be here. There will be get acquainted talks on December 1 and remember to bring the kids in your life on December 8th for cartoonist Serio Aragones.
Betsy Watson told us that we are adopting a family of 6, plus two older women, from Help of Ojai. You can bring wrapped or unwrapped gifts or gift cards. We need it all the gifts by December 1 – that’s our next meeting.
David Watson presented Christine Fenn with her blue badge. Congratulations, Christine!
Announcements
Larry Wilde presented our Service Above Self award to Noma Jones of Topa Topa School. She has a passion for recycling and helping her fellow students.
Bret Nighman reported on a spirited fundraising meeting this week, hosted by Bob Davis. We are going to stay with our Taste of Ojai fundraiser, but it will be moving back to the Fall. Diedre Daly and Bret Nighman will be our co-chairs. Three cheers for the co-chairs whose motto is “Have fun and get it done!”
Co-president Carl reported there were many issues discussed at the Board meeting this week. They included: new members, OV Inn relationship, tech issues, Shred Day 4/6/24, O U School District, Youth Protection Policy, Marty Babayco Fund, amount of funds we should reserve for emergency needs, committee reports, and more.
Then Larry Beckett shared the disappointing news that the portfolio project we did for so many years at Matilija is dead.
Fining by Bob Davis
Bob Davis’ fining session started with Dave Watson donating $1000 to the Marty Babayco fund. Greg Webster loves us (aw shucks) and Greg Rents opens a new yard in Ventura. Next week marks 25 years in Rotary for Wendy Barker. Christine Fenn is going to Santa Paula Rotary’s 100th birthday. Christine Golden confessed that her name is not Christine, it’s Mary. Kay Bliss knew that venison was served at the first Thanksgiving. We found out Mike Weaver wasn’t a Friends fan, as he didn’t know Joey got his head stuck in a turkey. Carl Gross didn’t know the oldest Thanksgiving parade. But he pledged $1000 to the Marty Babayco fund.
Speaker Francis A. Longstaff
Dave Watson introduced our speaker. Francis A Longstaff, the Allstate Professor of Insurance and Finance at the ULCA/Anderson School of Management. He is an active researcher, and CPA, has published many academic articles, and is a local resident.
Longstaff talked about “The Cost of Safety in Financial Markets.” It was based on general trends over the past 5 to 15 years.
People are more interested in safety lately. It is expensive to get rid of risk. He talked specifically about letter stocks and keeping money in banks vs investing as examples of risk aversion.
Many people today are also looking for other kinds of safety, including through taxes. Municipal Bonds are not taxed, and people are willing to pay extra for them just so they will not be taxed. But investors lose out on income just to avoid taxes.He discussed stock options, and how Treasury Bonds lost their cachet as the safest asset in 2015.
The overall message is that there has been an emergence of people who are very averse to risk. bottom line: just be aware that you pay lots more for safety.
Final Thoughts
Co-president’s Carl’s final thought: “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” – Henry Ford
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