Acushnet, a leading golf supplier, experienced a COVID-era boost from supply chain issues that inflated margins and increased golf rounds played due to remote work. However, the author believes these tailwinds are ending as supply chains normalize, return-to-office mandates increase, and competition from other sports like pickleball grows. Expecting margin compression, a decline in rounds played, and multiple contraction, the author predicts Acushnet's share price could fall to $45, representing substantial downside from its current price.