The VOL. 9, NO. 12 December 2018 BEST AND HIGHEST USE? 2 Topgolf goes top shelf - enters L.A. market making money from a muni By Harvey Silverman GOLF ASSOCIATIONS AND RELEVANCE 5 Changes at the top, hope for the future? By Stuart Lindsay FUTURE INDUSTRY TRENDS 7 Golf, interest rates and water rights By Jim Koppenhaver COMINGS AND GOINGS 9 Going once, going twice, SOLD! INDUSTRY SCORECARD 10 November golf weather impact: Tough sledding (even in warm climates) MARKET FOCUS 13 Outlook for Seattle, like its weather, fair-to-partly cloudy www.PellucidCorp.com The Pellucid PersPecTive 1http://www.PellucidcorP.com