A new book just might answer every stock manager's dream: Being able to spend time on the golf course and tell the boss, honestly, “I'm working.”
According to “Bulls, Birdies, Bogeys & Bears: The Remarkable & Revealing Relationship Between Golf & Investment Markets,” golf and the global stock market have a special relationship. The money won by professional golfers correlates almost perfectly with stock market performance for the past eight decades, writes Keith Armstrong, the book's author and former chairman of the ANZ Group's regional investment committee and chief investment officer of its private bank.
“The movements and developments, growth and contraction, of both ... have been, and will likely continue to be, closely correlated, and to a far greater extent than any other sport,” Mr. Armstrong writes.
While Mr. Armstrong writes that it would be overly simplistic to assume some kind of specific cause and effect between golf and the stock market, it's more of a measure of what he calls “collective social mood,” mirroring each other since the Great Depression.