The reason I ask is that I've always believed that member-owned equity clubs represented the "safest" kind of club simply because extraordinary expenses could be more easily shared.
Perhaps the fact that extraordinary expenses are shared might be construed as a reason to stay away from such arrangements in an era where everything seems to be "extraordinary" or at least "extraordinarily expensive"...
Personally, I don't have enough money to move in these kinds of circles but I would be leery of taking on any financial obligations not necessary to my daily life at this juncture.
I understand your point.I guess the distinction I would make is that a member-owned club, with some historical track record,would seem to be the safest bet these days.
I certainly agree that joining any type of club today requires a lot of due diligence.Just seems that,all other things being equal,I'd feel more comfortable sharing pain(and expenses) with several hundred of my closest friends.