GUEST EVENING - Speaker - Harry Morgan

President Elect Ian Campbell was very pleased to welcome Harry Morgan to give his annual update on the financial sector and the stock market - a regular feature of the Club programme since 1999.

Harry reminded members that last year, when he visited the Club, he was undertaking a sabbatical to study for the Heriot Watt Master of Business Administration (MBA). He was delighted to say that he had successfully completed the course and had now taken up a post as Director with Thomas Miller Investment managing portfolios for individuals and charities.

He was very complimentary towards the Heriot Watt course and considered it to be excellent value. He is now much better equipped to be an investor.

Harry is now able to make use of MBA key concepts to analyse a company's strengths, its position in the sector, its product life cycle, its worth in terms of its technical value v share value and the strategic direction in which the senior management is taking the company. He illustrated these concepts by identifying examples of companies to be considered for support and those to avoid.

In general terms Harry suggested that the stock market had now returned to normal but he felt there were still tough times ahead.

Harry