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Investing in wood-using mills and timberlands requires having a strategy about how to “feed” the mill or how to “market” the trees. These efforts raise questions about the relative value of vertical integration, where one firm owns mills and forests, more…
This post includes topics addressed in the (virtual) Applied Forest Finance course on May 16th, 2023. What is a timber lease? In the book Forest Finance Simplified, I define timber leases as “contractual agreements that provide the lessors (owners) equal more…
This post is the second in a series related to the Q1 2023 Forisk Research Quarterly (FRQ). It includes topics that will also be addressed in the (virtual) Applied Forest Finance course on May 16th, 2023. What a difference a century more…
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…
Forisk’s Annual “Wood Flows & Cash Flows” Conference will happen virtually on Thursday, August 25th. In addition to covering financial issues related to timberland investments, stress on the forest industry supply chain, and projected forest industry capacity by sector across North America, the event more…
This post is the third 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. Timberland-owning real estate investment trusts more…
Our bottom-up understanding of timberland investments and the forest products industry depends on the link between wood flows and cash flows, the theme of our annual investment conference. The (1) steady, localized harvesting and delivery of logs to (2) mills 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…
This is the second in a series related to the Q2 2020 Forisk Research Quarterly (FRQ) which includes forest industry analysis and timber price forecasts for North America. We entered 2020 expecting to navigate the tradeoffs of a slowing global more…
This post includes an excerpt from Forisk’s upcoming white paper “Timberland 2020: From High Hopes to Viral Mopes and Back Again.” The current pandemic and market volatility give us the chance to revisit the thesis and long-term benefits of owning more…