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Strategies & Market Trends : Value Investing

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Jurgis Bekepuris

To: Paul Lee who wrote (54488)	11/18/2014 4:36:55 PM
From: gcrispin	1 Recommendation of 78628

I agree with Jurgis that the tone of the article is disturbing, especially the phrases that were highlighted. But there is a great deal of good information in the article from someone who has worked in the industry. FWIW, I recently returned from visiting an industrial forest in the Northwest that is privately held. It has been in the family since they homesteaded the property in the 1860s. I had a chance to spend time with the company's forester and I can see how inventory and depletion are somewhat subjective. The Northwest forest are highly regulated. For example, no trees within a creek's watershed can be harvested. So where does a "watershed" end? That can be debated. This particular forest was on a sixty three year cycle, so every acre harvested has sixty three years to regenerate itself after being replanted. Weather and, of course, price also plays into the equation of the timing for harvesting. My sense is that the new CEO wanted to start from a more conservative stance on some of these line items, so I have RYN on my watch list.

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