When I click on 'Bookmarks' in the menu bar (not to be confused with Safari's Bookmarks Bar) for the first time after launching Safari, a spinning beachball appears for about 30 seconds until the Bookmarks menu finally appears. Each time I click on the Bookmarks menu after that is just fine until I quit and launch it again.
I do have lots of bookmarks, at least several hundred, but could that really be the reason for this 30-second beachball? Does it really take that long for Safari to "load" the bookmarks on each launch?