Monday, June 11, 2007

Milstein investing in Jack Nicklaus - great dirt play

This deal is, in my opinion, a stroke of sheer genius, if you'll pardon the bad pun. Real estate billionaire Howard Milstein is buying a chunk of the Jack Nicklaus golf empire, the game's best known brand (sorry, Tiger). This gives Jack money to take cash out and allows the company to have more invested in the dirt of the golf courses it designs. Getting into the actual development end will allow them to reap more profits. Jack's had well-publicized business troubles in the past, including in the mid-1980s, right around the time he won that fabulous sixth Masters in 1986 at age 46, but those days are over. There's discipline and solid investment wisdom now and I think Jack can now laugh all the way to the bank. Since he has always been someone I admire as a professional who prioritized his career with his family, I could not be happier.