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Introduction Pulpwood, the smaller trees typically chipped for making wood pulp or oriented strand board (OSB) or wood pellets, provides balance and diversification to the forest products industry. Robust, sustainable timber markets and wood baskets feature a broad set of more…
While raw data is important, it can also be insufficient. Each day, the world produces a staggering amount of information, which does not speak for itself. How do we think through the noise to find helpful signals and apply our more…
On August 25th, 2022, Forisk hosted its sixth annual “Wood Flows & Cash Flows” conference, with attendees participating virtually from across 22 states, three Canadian provinces and three continents. The one-day event provided a comprehensive review of research relevant to more…
Often, there is a “better” way to do things. It doesn’t really matter if you put your pants on with the leg left first or the right, but it is easier to put your pants on before your shoes. Early in more…
Forisk’s Annual “Wood Flows & Cash Flows” Conference will happen virtually on Thursday, August 25th. In addition to covering financial issues related to timberland investments, stress on the forest industry supply chain, and projected forest industry capacity by sector across North America, the event more…
Regional forest industry fundamentals are known by those in the business. The moving of softwood lumber capacity across North America from Western Canada and the Northwest to the U.S. South, changes in timberland ownership, and factors driving pulp fiber costs comprise a few. However, the more…
According to The Economist[1], “Private equity benefits from a fig leaf of illiquidity,” which covers up for delays when valuing investment assets and obfuscates their true volatility. The inability to confirm value in real-time or robustly quantify risk sounds, to more…
When inflation rises, people talk about it. In my calls with forest industry investors and executives, these discussions center on current and future costs, prices, and cash flows. Generally, I observe that inflation increases fear by fogging the crystal ball more…
Markets for alternative, specialized assets – like vintage water pistols, 101-year-old scotch, and drivable Corvairs – must overcome high “search costs” to match suitable, qualified buyers and sellers. The abilities to evaluate, value, and manage such assets comprise a Rubik’s more…
This post includes topics addressed in the (virtual) Applied Forest Finance course on May 19th, 2022 and in the Q2 2022 Forisk Research Quarterly (FRQ), which includes forest industry analysis, timber price forecasts, and data on North American timberland ownership. The more…