Check out the testimony of Michael Masters, hedge fund manager, on the scourge of commodities index fund investment.

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At the established majors, despite occasional Cinderella stories such as Trevor Immelman at the 2008 Masters and Michael Campbell at the 2005 U.S. Open, the contenders on Sunday afternoons almost always include a few of the game's reigning greats.

WSJ: Players Championship: The Major That Isn't Yet Major

But the idea took on greater resonance when I attended the ANA Masters of Marketing Conference a couple of weeks ago, most notably when I listened to Michael Francis, the chief marketing officer of Target.

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