This course is not intended to be moralistic. It does not seek to tell you how you should conduct your personal life. Those are matters that would be better learned in church or in the family.

Nevertheless, as investment professionals, you may want to take note of a recent study that indicated a belief on the part of business people that individuals who will cheat at golf will also cheat in their business activities.

The moral of that study is that your business peers may well judge your business ethics on how you behave in other settings, including social settings such as a game of golf.