History of the BlueSky Club
The BlueSky Club is an exclusive, Canadian-Based Investment Club with an enviable 39 Year Track Record
The BlueSky Club was established in August 1987 as an Ontario Registered Partnership by a group of friends who were predominantly focussed on the North America Mining Sector, the Oil & Gas Sector and the Finance industry. There were 36 original Members, male and female, who each deposited CAD$1,000.00 into the Club portfolio for a total of CAD$36,000.00, and further agreed to pay Annual Dues of $500.00 per Member to cover the Club operating expenses. Each Original Member received 100 Units of the Club’s Equity for $10.00 each, and no Member can own more than 5% of the Club’s outstanding Units.
The Founders of the BlueSky Club originally met in the old, long defunct, Owl’s Nest Bar in the concourse of the TD Centre in Toronto. They decided to form an Investment Club to pool the knowledge that they were accumulation in various sectors in North America at the time. They decided to base the Constitution on the Constitution of “The Cavaliers Club” which was an investment club started in Toronto shortly after the end of WWII, and a few of the original BlueSky Club Members’ fathers were members of the Cavaliers Club. The Cavaliers Club is still in existence today after almost 85 years in existence, and a number of that club’s members rose to great financial prominence across Canada and the USA.
All of the original 36 BlueSky Club Members originally worked in and around Toronto, and were earning growing prominence in several fields:- mining, geology, finance, real estate banking, corporate finance and stockbroking. Over the years, Members came and went, were promoted to other cities and countries, and the membership gradually internationalized itself. Of the original 36 BlueSky Club Members, no less than 6 were Ph.D Consulting Geologists, so the BlueSky Club had arguable one of the best and most experienced mining and oil and gas teams in North America with Members who were experts on the mineral and/or petroleum geology of far-flung locations such as Mongolia, Saudi Arabia, Portugal, Brazil, Argentina, and of course Canada and the USA.
Originally the Club established the tradition of holding Meetings monthly on the first Tuesday of every Month, starting at 6:00 p.m., unless it conflicted with a Public Holiday or the Annual Prospector’s and Developers Annual Conference in Toronto. The Meetings were originally held in the Meeting Rooms at the Old Toronto Engineer’s Club, until that Club was sold and the building torn down in the early ‘80’s. Since then, we have met on the designated Tuesday in the Boardroom of one of our Members in the downtown Toronto Business District. Beer, wine and soft drinks are provided at the Meetings, and after the Meeting, Club Members usually go out to dinner at one of the downtown restaurants which is paid for by the Club. A typical Meeting usually lasts from 1 to 2 hours!
Most Meetings involve detailed discussions about the world politics, economy and markets, and current market sentiment, before going through the Club’s existing portfolio and deciding on additions, reductions or elimination of positions. Any Member is encouraged to recommend new additions to the Portfolio, but they must be prepared to make a cogent argument as to why the Club should invest, and it is then put to a vote at the Meeting, and is decided by a simple majority of hands at the Meeting. Once a portfolio addition is decided on, the Proposer of the stock’s initials are listed next to the stock, and that person is expected to follow up on that position and report back to subsequent Meetings any relevant new information, financial or otherwise, related to the stock. The Club keeps a rough tally each year of the net REALIZED capital gains/(losses) from each Member’s recommendations. This provides some hilarity, or congratulations at the BlueSky Club Annual Xmas Meeting with Spouses.
Since the Covid outbreak we have held hybrid meetings using the Club’s Zoom Account, so Members can call in from anywhere in the world on the Zoom Account and participate in the portfolio discussions and decisions.
The most important side benefit of the Club is the lifelong friendships that have evolved over the years. For 38 years, the Club has held a Summer Party and a Winter Party where Members are encouraged to bring their spouses and/or ‘significant others’, so their partners can meet the other Members and their spouses, and see we are not just a dissolute dining club! Some of these events are held at Member’s private homes or cottages, some at golf clubs, or restaurants, and a number were held at a private airfield where Members and their families had the opportunity to fly in open-cockpit vintage biplanes complete with the leather helmet, goggles and scarf!