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When it comes to managing a forest or procuring wood or running a mill or analyzing a market, the “safest” and most productive posture for any professional is to understand what you’re looking at (transparency) and to know what to more…
The Buddhist monk Thich Nhat Hanh wrote, “When we want to understand something, we cannot just stand outside and observe it.”[1] Rather, to understand something, we study it. We invest time, ask questions, and evaluate evidence. We must engage. As more…
Where in the U.S. should investors put capital to work in the forest industry? New research from Forisk ranks local markets and shows how the answer differs for timberland investors, sawtimber consumers, and users of pulpwood. For example, rankings highlight more…
While raw data is important, it can also be insufficient. Each day, the world produces a staggering amount of information, which does not speak for itself. How do we think through the noise to find helpful signals and apply our more…
Often, there is a “better” way to do things. It doesn’t really matter if you put your pants on with the leg left first or the right, but it is easier to put your pants on before your shoes. Early in more…
According to The Economist[1], “Private equity benefits from a fig leaf of illiquidity,” which covers up for delays when valuing investment assets and obfuscates their true volatility. The inability to confirm value in real-time or robustly quantify risk sounds, to more…
Markets for alternative, specialized assets – like vintage water pistols, 101-year-old scotch, and drivable Corvairs – must overcome high “search costs” to match suitable, qualified buyers and sellers. The abilities to evaluate, value, and manage such assets comprise a Rubik’s more…
This post includes topics addressed in the (virtual) Applied Forest Finance course on May 19th, 2022 and in the Q2 2022 Forisk Research Quarterly (FRQ), which includes forest industry analysis, timber price forecasts, and data on North American timberland ownership. The more…
This post is the first in a series related to the Q1 2022 Forisk Research Quarterly (FRQ). It includes topics that will also be addressed in the (virtual) Applied Forest Finance course on May 19th, 2022. Years ago, a forest industry more…
In capturing a quarterly “snapshot” of fiber prices by region across North America, the Forisk Wood Fiber Review (FWFR) also summarizes market trends and investments. Fevered lumber prices appear to have broken due to a combination of producers (sawmills) catching more…