GREEN SHOTS

They say it never rains on a golf course, but the big, black cumulonimbus that’s been hovering over the global economy hasn’t spared the game of golf. Rounds are down, equipment companies are practically giving products away, and private clubs are so desperate for new members that they’ve taken to courting them on AM radio. To make things worse, housing prices still don’t seem to have bottomed out, so new real estate projects—especially those with golf courses—are few and far between.

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