CEO Rai Sahi is a control investor, outstanding capital allocator, aggressive buyer of stock. Has issued options only once in 8 years, owns a majority of outstanding shares. Company has bought back 19% of shares in past 12 years.

Since 2010, has acquired 11 clubs at fraction of replacement costs. Spent $25M on gulf clubs with replacement value of $100M. Debt: ave maturity 2022, most of it is fully amortizing mortgages