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This is the first in a series related to Forisk’s Q2 2020 forest industry analysis and timber price forecasts for the United States. In Q1 2020, with strong growth in all regions, U.S. housing starts increased 22% year-over-year; single-family starts more…
This post includes an excerpt from Forisk’s upcoming white paper “Timberland 2020: From High Hopes to Viral Mopes and Back Again.” The current pandemic and market volatility give us the chance to revisit the thesis and long-term benefits of owning more…
Timberland investors and forest industry executives entered 2020 expecting to navigate the tradeoffs of a slowing global economy, disruptive trade policies and a surging U.S. housing market. However, halfway through the quarter, as Tim Gammell, Editor of the Forisk Wood more…
We do not have a toilet paper problem. As a forest industry analyst, I say this for three reasons. Many firms in this industry are Forisk clients or customers of clients and we can confirm that trees continue to grow, more…
According to Greg Ip in The Wall Street Journal (3/3/2020), “Epidemics historically haven’t been disruptive enough to affect gross domestic product much…That probably won’t be true this time” with respect to the coronavirus. A primary reason: the growing impact on more…
In a February 26th post related to asset values and the coronavirus, I noted, in reference to U.S. Treasuries, that “a low risk-free rate expresses market pessimism and concern rather than economic health, stability and the potential for rapid growth.” more…
“Should we lower or increase our discount rate when valuing these assets?” asked the timberland investor, worried about impacts from the coronavirus (COVID-19) on trade, U.S. economic growth and asset values. Generally, discount rates represent the sum of a benchmark more…
This post introduces research covered in the Q1 2020 Forisk Research Quarterly (FRQ) and during the upcoming March 19th “Applied Forest Finance” course in Atlanta. Recent news in timberland markets centered on the acquisition of Pope Resources by Rayonier. Part more…
This is the first in a series related to Forisk’s Q1 2020 forest industry analysis and timber price forecasts for the United States. In 2019, housing starts improved year-over-year in all market segments: total housing starts advanced 3.2%; single-family starts more…
This post introduces research covered in the Q1 2020 Forisk Research Quarterly (FRQ) and during the upcoming March 19th “Applied Forest Finance” course in Atlanta. Any story about returns getting back to normal or reverting to the mean presumes that more…