The trouble with investment clubs, according to most research, is that not many of them actually make it past a couple of years or so. There are of course a variety of reasons why a club folds. If, for instance, the investments don't perform and the club's assets keep falling, then members may lose interest. However, many people find that it just gets a bit boring, and if the attendance levels drop then sometimes there is just no incentive for a club to continue.

At all the clubs I am involved in, I try to impress upon new members that the most important thing is to enjoy the meetings. We are very keen on fun. That doesn't mean that investments are made in wacky ways, or that we do not carry out proper research, but there has to be an interjection of humour into the proceedings at some point or there is a real danger of things becoming too stuffy. You can only discuss P/E ratios and Net Asset Values for so long!

There is nothing like a superbly performing portfolio to put a smile on the face of members. But, as John Mitson, one of our members, always used to say: "Everyone smiles when the unit value goes up -- let's see if they still smile when it goes down!" Well, we've had plenty of practice at that over the last few years, but thankfully all our club portfolios are doing well at the present time, and long may it continue.

But if, as a member of a club, you feel that maybe it is not developing in the way you had hoped, or is getting a bit tedious, what can you do about it?

Well, perhaps you ought to have a look at the way meetings are run. Are some members talking in too much jargon for new or less experienced members to understand them? There is nothing more daunting for a new member, perhaps a complete novice, to attend a meeting and not have the foggiest idea what is being discussed. If you are an Official, then you have the power to try to change this. If you are just an ordinary member, then maybe suggest different ways of doing things.

Are you taking breaks from the main discussion? Three or four short breaks in a meeting (preferably to replenish the glasses) can work wonders for the concentration. Most meetings held are on weekday evenings, after many members will have been at work all day and they may well be tired. Short, direct sessions will be easier for people to focus on rather than one or two long, drawn-out ones.

Can all members be easily heard? Pubs are, by their nature, noisy places. If your club does not meet in a side room then it can be a struggle for members to hear above the noise of the fruit machines, TV and jukebox. There is nothing more boring (or tiring) than straining to listen to somebody you can't hear properly. If this applies to your club, address this problem very quickly!

How many meetings are going on at any one time? Sometimes it is tempting for members to talk amongst themselves, especially if they are familiar with the particular issue or share being discussed. Well -- and this is a job for the Chairman -- such behaviour must be clamped down upon. Apart from being very discourteous, two members talking means that two members are not listening -- as well as any others who cannot hear clearly due to their conversation, no matter how quiet or discreet they think they are being.

What social events have been organised outside club meetings? We have appointed a Social Secretary whose job it is to arrange the Christmas do (in March!) and by organising outside functions such as this, all members and families get to mingle with each other. This helps relationships within the club and promotes a "family" culture within each club. It is also mandatory that he tells at least one joke per meeting (although the standard of those could certainly improve. Please.).

Are members forced to attend meetings? We do not implement any minimum attendance rule AT ALL. This way we find members help or get involved because they want to and not because they have to. There is a world of difference.

Is there any humour or off-topic discussion? Again, we find that the interjection of a joke or two (we have a separate Agenda item for this) lightens the meeting and makes it generally more fun.

We all know that in the world of investment share prices go up and down. There is no reason to assume that because lots of members are making decisions then the investments will be better. However, whilst an individual can choose to sit on the shares for a while in a bearish period, in a collective group interest can start to wane. Efforts must therefore be made to "keep it social" and to maintain the interest of the members by different means, which are nothing to do with finance and which can be applied regardless of the club's performance. In short, fun becomes the main reason for joining a club, with financial performance of secondary importance.

To summarise then, my top tips to achieve this are:

Take breaks
Make sure speakers can be heard
Make sure only one meeting is in progress
Organise outside social events
Keep meetings simple and lighthearted
Let members do things because they want to, not because they have to.

Have fun!

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