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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…
As management teams across the forest industry position themselves for ‘post-COVID’ markets, many pulp and paper mills chose downtime for now. SAPPI Cloquet, UPM Blandon at Grand Rapid, and Domtar’s Dryden mill offer examples of firms and facilities that modified more…
On June 8th, the National Bureau of Economic Research confirmed that the U.S. officially entered a recession in February 2020. Just speaking for myself, the announcement was not helpful (in that it did not help me as a manager make more…
In the current coronavirus pandemic and recessionary environment, do traditional reasons for holding timberland investments still apply? In Timberland 2020: From High Hopes to Viral Mopes and Back Again, Forisk compares the long and short-term performance of private timberlands to more…
“Without a structured approach to ordering the world, the world will impose its views on us. The fact is some things are more important than others, some things are easily verifiable…Simple processes help us sort the mess and prioritize.” – 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…
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…
This is not your Grandma’s pulp mill. Within the forest products industry, the ability to use and leverage technology can distinguish firms within a sector, while clearly separating the ability to generate wealth across sectors. For example, the pulp paper more…
“The future is not something to be predicted, but to be made.” – Professor Nick Montfort in The Future (The MIT Press, 2017) Discussions of inverted yield curves and equity dividend yields purport to clarify the tea leaves of investor intents more…