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How well capitalized are mills in a given market? How viable and likely to succeed are announced greenfield investments in the U.S. forest products industry? This is an important concept for understanding risk, returns and future market prospects in a more…
During a recent “Investing in Timberland and Timber REITs” workshop, a student asked about the “problem” of liquidity for timberland investors. We have posted on this theme before, and the issue clearly differs for those buying shares in publicly traded more…
The United Kingdom voted to leave the European Union and, as a result, David Cameron will step down as Prime Minister in October. The global implications of the British exit – “Brexit” – from the EU remain uncertain. It appears 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…
This is the fifth in a series related to the analysis of timber markets and wood baskets. It includes a case example of how local timber forecasts differ from regional averages. Dr. Stephen Covey advised, “Seek first to understand, then more…
This is the third in a series related to the analysis of timber markets and wood baskets. Wood procurement managers and timberland investors juggle, at a minimum, stumpage contracts, fee harvests, and open market transactions to manage risk with wood more…
In evaluating timber markets and wood baskets for forest industry and bioenergy investments, a key concern is the “riskiness”, health and competitiveness of wood-using manufacturing facilities in and near the market. Timberland investors want to confirm that the mills will more…
This is the second in a two-part series related to wood supply agreements and their relevance to analyzing timber markets. Part I of this series on wood supply agreements introduced basic pricing mechanisms often used in supply agreements and associated more…
This is the first in a two-part series related to wood supply agreements and their relevance to analyzing timber markets. In his 1989 book Liar’s Poker, Michael Lewis wrote, “Risk, I learned, was a commodity. Risk could be canned and more…
News flash: we all make errors when analyzing forestry investments. Which are the most common and how can we avoid them? At the end of the day, most analytic errors in forestry relate to the data used – the inputs more…