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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: John Doyle who wrote (5362)	12/14/2001 10:18:59 AM
From: Mike M2	Respond to of 36161

John, Jeremy Grantham discussed this at length in Outstanding Investor Digest some time ago and I think he may have discussed timber in Barron's - do a search in Barrons and see if you find anything. mike

To: John Doyle who wrote (5362)	12/14/2001 12:12:37 PM
From: pater tenebrarum	Read Replies (3) \| Respond to of 36161

John, one of the reasons why i'm confident about PCL's ability to maintain its dividend is that it has already proven to be able to do so in tough times. that's of course no guarantee that that will ALWAYS be the case, but at least there's no negative precedent. besides, PCL is also an asset play. its land holdings are on its books at a fraction of their true value, and the company has recently decided to unlock some of that value by developing some of its land. so in spite of likely weakness in real estate over the next year, there could be considerable upside. then again, i wouldn't recommend rushing in at the current price. i have so far bought a first third, using the MB method of buying in thirds, and am actually hoping to get a chance to buy the remainder somewhat cheaper. the stock isn't particularly volatile...it tends to trade in a range of $22 to $30. i'd become concerned if the support at $22 were broken and would get stopped out if that happened. but i don't really expect that to happen, and i regard it as a good long term investment, based on the great long term performance record of timber as an investment.