My Account | Sign In
On the evening of August 4th, 2010, Neena Mishra, our Director of Equity Research, and I will teach a Master Class on “Valuing Timber REITs.” This follows our day-long course on “Applied Forest Finance”, which is co-taught by our Forest more…
Land consultant and writer Curtis Seltzer interviewed me on the topic of timberland investing and financial analysis. One question in particular got to the heart of how I think about applying finance to forestry-related investment decisions: “Do you use or more…
Several years ago, an analyst from a hedge fund called me to discuss suitable discount rates for timberland investments. We had the following exchange: “A common error with discount rates is that folks use real and nominal rates inconsistently,” I more…
“Inflation at 44-Year Low” trumpeted today’s headline from the Wall Street Journal. The news was pause-worthy at our shop because one of the most common arguments for investing in timberland is its purported potential to hedge inflation. Well, does it? more…
The New Yorker magazine published a cartoon in its May 17, 2010 issue of two trees talking in the woods. One says to the other, “Can you believe that people inhale the gases we expel – sick, right?” The cartoon more…
Managing the risk of forestry and timberland investments fits with the “circular flow of funds” approach to financial management, which focuses on two fiduciary objectives. One, raising and supplying the funds required for timber-related investments on favorable terms. Two, using more…
Turbulent times characterized by plummeting pine sawtimber prices could soon be over for timber sellers. Forisk’s new stumpage price forecast signals climbing prices for pine sawtimber in the US South beginning in 2010. The ForiskFORECAST pine sawtimber price forecast, which includes state-by-state forecasts more…