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Foresters often hear non-foresters confuse terms, such as referring to lumber as timber or logs (which is like calling a pork chop a pig). A confusion with terms leads to misunderstanding issues and ultimately complicates analysis or discussion intended to more…
Forest carbon can affect timberland values to the extent that robust markets for carbon support reliable cash flows to investors. With wood, the economic value of trees derives from the ability of manufacturers to turn logs into value added products more…
This post is the first in a series related to the Q2 2021 Forisk Research Quarterly (FRQ), which includes forest industry analysis and timber price forecasts for North America. Featured research in the next issue will focus on forest carbon. Investor more…
Economist Irving Fisher[1], in thinking about the worth of an asset, wrote: “Capital value is income capitalized, and nothing else.” Capitalization refers to the conversion of expected future income into an estimate of present value. This means any valuation effort more…
“Risk” remained the watchword over the past three months as managers continued to battle multiple issues: fires, hurricanes, COVID, and record lumber prices. Lumber production surged in Q3 2020, generating more residual volumes into fiber markets while demand from the more…
This post consolidates links to previous Forisk research on risk in the forest industry, a major theme highlighted by timber investors and wood buyers in the recently launched Forisk Market Bulletin. When investing in timber assets, we either invest in more…
At the heart of research and analysis is curiosity. We study issues, challenges, systems, risks and opportunities to understand how they work. And from this understanding, we position ourselves to make better decisions and take action. This approach covers all more…
Each week, our team communicates with dozens of forest industry professionals and investors. At times, these discussions reveal patterns or highlight concerns common across sectors and regions. This post shares and answers versions of three of the most consistently asked more…
This post is the second in a series related to the Q3 2020 Forisk Research Quarterly (FRQ), which includes forest industry analysis and timber price forecasts for North America. The post includes excerpts from our featured research on applying long-term timber more…
This post includes notes on the application and adjustment of discount rates during periods of historically low interest rates, with examples related to timberland investments. This continues a discussion from my February 2020 post addressing questions related to discount rates more…