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Another incomplete timberland investment thesis resurfaced: timberland as a deflation hedge. Chip Dillon of Vertical Research Partners dusted off this idea during a conference presentation in March. (We have had issues with timberland investment analysis from Mr. Dillon’s team in more…
During a break at a recent workshop, a participant asked me, “Do we really need to manage forests to make money? Is it worth the extra effort instead of just letting trees grow back on their own?” Short answer: Yes more…
One challenge of investing in a forest is determining when it reaches financial maturity. This is when the owner’s cost of keeping an asset exceeds expected returns. Timber complicates this thinking because a tree is both the “product” and the more…
This post summarizes Forisk research from 2015 assessing pulpwood markets and the relative competitiveness of the pulp and paper sector in the U.S. South. Phone rings. Timberland investor asks, “Hey, is the pulp sector in the U.S. South at risk?” more…
I woke up, on schedule, at 4:14 in the morning, rolled over and switched off the alarm before it chimed. At 4:15, the phone buzzed. “Good morning, Nephew!” said Aunt Fanny. “You up?” “Yes, Ma’am,” I said, swinging my legs more…
This is the third in a series related to timberland investments. Previous posts addressed benchmarking private timberland investments and the valuation of timber REITs. How have private timberland investments performed relative to other asset classes? This question opens the door more…
The Q3 2015 Forisk Research Quarterly (FRQ) summarized recent research related to the strength characteristics of Southern Yellow Pine (SYP) lumber sawn from managed pine plantations. We addressed this topic originally in a February 2012 Forisk Blog post “Southern Yellow more…
This is the first in a series related to timberland investments. Benchmarking provides a useful, and often necessary, tool for evaluating the performance of alternative investments – such as private timberlands – and alternative investment managers – such as TIMOs. more…
This is the fourth in a series related to Forisk’s Q3 2015 forest industry analysis and timber price forecasts for the United States and Canada. This post includes an excerpt from the Q3 “Forisk Facts & Figures.” Each issue, the more…
This is the third in a series related to Forisk’s Q2 2015 forest industry analysis and timber price forecasts for the United States. Before studying trends and projecting forward, we look back and evaluate the performance of previous forecasts and more…