I've been long shares of Adams Golf (NASDAQ: ADGF) for some time and, so far, it hasn't provided the returns I had hoped -- to put it mildly. That's probably largely attributable to broader economic malaise but, nevertheless, shareholders have seen the market value of their shares decline rapidly and they're lost more than 90% of their value since the company's IPO in 1998.

That makes the timing of founder Barney Adams' book The Wow Factor: How I Turned One Great Idea and My Unbridled Enthusiasm into a Golf Revolution a little strange.

The book is a reasonably entertaining look at how Mr. Adams, a former Corning Glass engineer, battled adversity to make Adams Golf the largest golf company IPO in history on the strength of a revolutionary fairway wood that he had designed.

The problem with a Barney Adams inspirational book is that, from a business perspective at least, Adams Golf could hardly be considered a success, except in the sense that it raised a boatload of money through its IPO, but that led to a class-action lawsuit. Since inception, Adams Golf has lost more than $34 million, and shareholders have lost their shirts. The company has made Mr. Adams a rich man but, unfortunately, it's been at the expense of shareholders. And the looting continues: Mr. Adams was inexplicably paid $319 thousand for his role as chairman of the board in 2007. I wonder how many thousands of dollars per ceremonial banging of the gavel that is!

I have tremendous respect for Barney Adams' entrepreneurship and determination in getting the company off the ground, and his book is a worthwhile read for entrepreneurial upstarts. It's a shame that his commitment to realizing shareholder value doesn't match that.

How can Mr. Adams deliver value to shareholders? It's easy: the stock is currently trading at a discount to its net current assets and, with growing sales and a leadership position in the all-important hybrid club category, Adams Golf could probably be sold to a larger company for a large premium to its current share price. Click here to read my analysis of the Cleveland Golf sale and how it relates to Adams. Full Disclosure: Zac Bissonnette is long shares of Adams Golf.

With the generally gloomy outlook for the economy and consumer spending, many investors are looking for "recession-proof" industries and companies: tobacco, gambling, alcohol, and pornography (you have to find something to do if you lose your job!).

But how about golf? The latest issue of GolfWeek asks the question, Is golf recession-proof?

Gordon Dalgleish, president of Perry Golf, told GolfWeek that "We can think of no other consumer-oriented business that is as insulated from the effects of general economic conditions other than beer, cigarettes, and perhaps video games."

Gilford Securities analyst Casey Alexander added that golf is "more recession resistant than other consumer-oriented activities ... A weak economy rarely has much negative impact on overall golf spending, just as a strong economy rarely has a positive effect on overall golf spending."