Accordia Golf Trust, a business trust, has always been a counter that is under monitoring by every batch of ERM (‘Early Retirement Masterclass’) students and yet it does not have an active role to play in all the portfolios we have built so far. We simply could not build a strong business case in the past because it primarily invests in golf courses, which is not within the core competency of most retail investors. In my opinion, golf is an elitist sport. Furthermore, most of us do not really understand how the Japanese really view golf as a hobby. As the population of Japan ages, the question is whether will we see more people taking up the sport, or will more Japanese give up the hobby as they become older. There is also the question of natural disasters. Being an outdoor activity in a disaster-prone country, investors would have to contend with the occasional drop-in dividends when golf courses close because of a typhoon or an earthquake....