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This post is the first in a series related to the Q4 2020 Forisk Research Quarterly (FRQ), which includes forest industry analysis and timber price forecasts for North America. The analysis comparing timberlands and bonds will also be included in the more…
Economist Irving Fisher[1], in thinking about the worth of an asset, wrote: “Capital value is income capitalized, and nothing else.” Capitalization refers to the conversion of expected future income into an estimate of present value. This means any valuation effort more…
This post consolidates links to previous Forisk research on risk in the forest industry, a major theme highlighted by timber investors and wood buyers in the recently launched Forisk Market Bulletin. When investing in timber assets, we either invest in more…
At the heart of research and analysis is curiosity. We study issues, challenges, systems, risks and opportunities to understand how they work. And from this understanding, we position ourselves to make better decisions and take action. This approach covers all more…
Each week, our team communicates with dozens of forest industry professionals and investors. At times, these discussions reveal patterns or highlight concerns common across sectors and regions. This post shares and answers versions of three of the most consistently asked more…
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…
A summary of the advantages and disadvantages of applying and interpreting NPV generally and for forestry investments. Net present value (NPV) compares the value of cash flows (benefits) received in the future with the capital required for investment today. The 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…