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In 1969, Joe Namath led the New York Jets over the Baltimore Colts in the Super Bowl, Neil Armstrong became the first person to walk on the moon, and 14 of the 15 largest U.S. timberland owners were vertically-integrated, mill-owning 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 includes data from featured research in the Q2 2016 Forisk Research Quarterly (FRQ). In Spring 2016, Forisk conducted its third biennial survey regarding current management trends and common silviculture practices for the largest timberland owners and managers in more…
This post includes data from featured research in the Q2 2016 Forisk Research Quarterly (FRQ). Timberland investors looking to acquire assets and timber REITs seeking to grow their asset bases both made big moves over the past 16 months. Firms more…
This is the second in a series related to Forisk’s Q2 2016 forest industry analysis and timber price forecasts for the United States. Forisk analysis indicates “investable” timberlands, or privately owned acres managed to maximize wood volume and cash flows, more…
Another incomplete timberland investment thesis resurfaced: timberland as a deflation hedge. Chip Dillon of Vertical Research Partners dusted off this idea during a conference presentation in March. (We have had issues with timberland investment analysis from Mr. Dillon’s team in more…
During a break at a recent workshop, a participant asked me, “Do we really need to manage forests to make money? Is it worth the extra effort instead of just letting trees grow back on their own?” Short answer: Yes more…
Timberland investors often use timber REIT dividend yields and U.S. Treasuries as inputs, proxies or reference points for discount rates applied to valuation models. In the case of Treasuries, 2016 opened with the 10-Year and 30-Year at 2.24% and 2.98%. more…
Timber REIT shares suffered with the S&P 500 during two weeks of bubble-bursting activity to open 2016. Through January 15th, the S&P dropped 8% while the public timber REITs scored as follows: CatchMark (CTT): -1.5% Plum Creek (PCL): -13.5% Potlatch more…
December 2015 included multiple global confabs and ripples in the space-time continuum. In Los Angeles, “Star Wars: The Force Awakens” opened. The movie had a record opening weekend, bringing in $248 million in North America alone. In Paris, a United more…