By ALYSSA ABKOWITZ
![[smgolfcourse]](http://s.wsj.net/public/resources/images/PF-AA258_smgolf_F_20110310132935.jpg)
Getty Images Tiger Woods's game isn't the only thing hurting in the golf world. In the downturn, many courses closed, and since then equipment makers have tightened their belts. But intrepid investors are still teeing off on some opportunities.
Some equipment firms seem to have improved their games by playing through a slump. Some have gotten ahead by selling new technology, like clubmaker Adams Golf, which offers hybrid iron sets at a notch below premium prices, says Gilford Securities analyst Casey Alexander. Fortune Brands, parent to ballmakers Titleist and Pinnacle, has said that it's looking to spin off or sell its golf division potentially creating a pure play for links lovers.
Of course, a well-heeled investor could skip the shares and buy the greens. With prices down 50 percent from their peak, golf courses in some locales are cheaper than an upscale home. But the bargain may end there: Annual maintenance and taxes average almost $2 million at private courses, and only 20 percent of U.S. greens are making a profit right now, says Jeff Woolson, of CB Richard Ellis' Golf & Resort Properties Group. Still, having the ability to invite a cranky in-law to the fairway and beat him in match play could be worth taking a loss for.
![[sm-golf-1]](http://s.wsj.net/public/resources/images/OB-NA529_smgolf_NS_20110314184640.jpg)
INVESTOR CENTER
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When choosing a stock mutual fund, consider performance, manager track record and cost before investing.
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Ask the right questions before you hand over your money
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Investing for retirement is more complicated than opening an IRA or maxing out your 401(k)
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A balanced portfolio can have a bigger impact on long-term performance than individual stock picking
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