As usual, Mike, an interesting perspective. However, the young lawyer was an incredible golfer and the “investment banker” was more of a stockbroker. They sent out a mass mailing—10,000 as I recall—to attract members. David Owen’s book, The Making of the Masters, clarifies and he had access to the archives. Of course, this isn’t much of an argument against your premise which is a reasonable interpretation of how things evolved. These founders desperately needed the Masters (original Augusta Invitational) to promote the club by attracting the best players and enough members with the support of the powers that be.