I am still on cloud nine from meeting so many new friends after my last post: the List of Black Women in VC! Multiple women shared that it was inspiring to read about others who have come before them. You can’t be what you can’t see. And in that list, I showed them many versions of who they could become.
This got me thinking, who was that person for me? Who did I see as an investor who gave me the chutzpah to believe I could do it too?
It was my mom.
A masters-in-education-holding, eldest-daughter-of-12-siblings, born-and-raised-in-West-Virginia-in-the-60s black woman. She is the definition of grit before it was cool.
She is also an investor and founder of The Nicodemus Investment Club. What she intended to build is laid clear in the name.
Nicodemus is one of the last standing western communities in Kansas created by freed-slaves as a “Promise Land” after the end of the civil war.
She gathered other black parents in San Diego who were interested in investing and for over two decades, they have met the first Saturday of every month.
A few basic ground rules have kept it successful over the past 20 years:
- Missing a meeting hits your pocketbook. $20/missed meeting!
- Sell high. At the beginning of the meeting, they review the current portfolio. If any one stock has doubled since it’s original investment, they sell it.
- Do your homework. Stock pitching is a critical part of each meeting. In advance of the meeting, one person is tasked with completing research on a stock and bringing their recommendation to the members.
- Democracy Matters. During the meeting, they spend a lot of time debating the stock brought to the floor. If the majority of the members decide against purchasing the stock at the end of debate, it’s a no go.
Growing up, I attended these investment club meetings every month. From when I could barely read, to when I was babysitting the other kids in the group (we were not allowed to invest, just learn) to when I stopped by to say hello to the folks who helped raise me. I never realized that it would have such an impact on my career choice.
I’m so grateful that it did!