TWC Risk-Managed Canadian Energy Fund Presentation June 29 Mini
7th Timberland Agenda
1. Don’t Miss our Interactive
Roundtable Discussions on
the Top 5 North American
Investment Destinations (page 5)
June 23 – 25, 2010
The Pan Pacific Hotel, Vancouver, British Columbia
NAVIGATING THE LANDSCAPE FOR STRATEGIC INVESTMENTS
IN NORTH AMERICAN TIMBERLAND
Learn best practices from top Timberland experts and investors, including:
Tim Schlitzer Clark Binkley Keith Balter
Senior Investment Officer Managing Director Principal
Massachusetts PRIM Board International Forestry Forest Capital Partners
Colin Carlton Investment Advisors
VP, Investment Research Brendan K Lowney
Dennis Neilson
Canada Pension Plan Principal, Macroeconomics
Director
Investment Board Forest Economic Advisors LLC
DANA
Gerald Brown
Chairman Steven Diebenow Steven Chercover
Dallas Police & Principal Senior Research Analyst
Fire Pension System Rock Creek Capital D. A. Davidson & Co
“Very interesting presentations and discussions!” - Jack Lutz, Director of Research, FourWinds Capital Management
New for 2010:
• Highest ever participation from institutional investors, with speakers
New! Confirmed
confirmed from TIAA-CREF, Mass-PRIM, APG, CPP Investment Keynote Speaker:
Board and Dallas Police & Fire Retirement System
• Dedicated workshops on risk mitigation, carbon credits and
strategies for smaller investors Pat Bell
• In-depth keynotes on the prospects for the US housing market, Minister of Forests
the macroeconomic outlook for timberland and the future of & Range
timberland values British Columbia
• Interactive roundtable discussions on the Top 5 North American
Investment Opportunities
Sponsors: Media Partners:
www.TimberlandInvestmentSummit.com
2. Our Speaker Faculty:
Tim Schlitzer
Senior Investment Officer, Real Estate and
Timberland
Massachusetts PRIM Board
Colin Carlton
VP, Investment Research
Canada Pension Plan Investment Board
June 23 – 25, 2010 Gerald Brown
Chairman
The Pan Pacific Hotel, Vancouver, British Columbia Dallas Police & Fire Pension System
Sue Ryan Goodman
this
“Lumber prices have climbed 32% on the futures market Portfolio Manager, Real Estate & Timber
year, a sudden and unexpected surge that contrasts with a APG Asset Management
decline in most other commodities, such as fossil fuels Sandy LaBaugh
Director, Alternative Investments
and industrial metals.” TIAA-CREF
The Wall Street Journal, February 16, 2010
Curtis Seltzer
73% of Editor, LandThink & Author, How to Be a Dirt-
Speakers New Smart Buyer of Country Property
Dear Investor,
for 2010!
Joel Shapiro
Welcome to IQPC’s 7th Timberlan CEO
d Investment Summit – the key Timbervest
year for US & Canadian investmen meeting of the
t opportunities in the timberland asset
class. Chung-Hong Fu
Timberland has always been an attra Managing Director, Economic Research &
ctive investment: Since 1970 timb
average of approximately 15% a year, erland has returned an Analysis
easily outperforming the stock mark
averaged 11%. It also has low volat et, which has Forest Investment Resources
ility and returns are enhanced by
continues regardless of wars, econ biological growth – which
omic crises and changes of administr Scott Jones
ation.
CEO
But lumber values are most certainly The Forest Landowners Association
linked to developments in the broa
outlook is far from certain. What der economy, where the
are the prospects for the US hous
driver of lumber demand? How migh ing market, the single biggest Jack Lutz
t the market in woody biomass affec Director of Research
values? What about global demand t overall timberland
for wood and paper products? FourWinds Capital Management
One of the largest question marks Dennis Neilson
relates to inflation. Over the last cent
outperformed inflation by an avera ury, timberland has Director
ge of 3.3% a year, making it one
inflation hedges available. But is infla of the most effective DANA
tion really on the cards? Many
talking up inflation since the beginnin economists have been
g of fiscal stimulus back in January Steven Diebenow
precious little of it so far. One reaso 2009, but we’ve seen
n for the lack of inflation has been Principal
to pass on the effects of fiscal stimu the reluctance of banks
lus in the form of increased lending Rock Creek Capital
see if this picture changes over 2010 – and we shall have to
.
Keith Balter
Overall, then, the investment outlo Principal
ok for timberland is uncertain and
American investors to know whether it’s difficult for North Forest Capital Partners
they’re faced with an outstanding
imperative to sell. Gaining a deeper buying opportunity or an
understanding of the factors that influ Brendan K Lowney
is therefore essential to investors who ence timberland values Principal, Macroeconomics
wish to make money with this asset
Timberland Investment Summit addr class – and the 7th Forest Economic Advisors LLC
esses this need head-on with a num
ber of can’t miss sessions:
•
Steve Chercover, Senior Research Rocky Goodnow
Analyst at D. A. Davidson & Co Director, Timber
top paper & forest products analysts and one of the world’s
will deliver an exclusive keynote addr Forest Economic Advisors LLC
macroeconomic outlook for timberlan ess on the
d investments, with a particular emp
will be affected by possible economic hasis on how values Steven Chercover
scenarios like inflation, deflation, and
recession a double-dip Senior Research Analyst
•
Our largest ever investor roundtab D. A. Davidson & Co
le session will feature speakers from
TIAA-CREF, CPP Investment Boar Mass PRIM, APG,
d and Dallas Police & Fire Retirem Lloyd Irland
•
Keith Balter, Principal of Forest ent System
Capital Partners, will uncover essen Lecturer and Senior Scientist
future prospects of the US housing tial insights about the Yale School of Forestry
market, and examine the precise inter
between lumber prices, housing start relationship
s, and timberland values
•
More C-Level participation from leadi Dr Jeffrey P. Prestemon
ng TIMOs including Rock Creek Capi Research Forester, Forestry Sciences Laboratory
Capital Partners, Timberland Inve tal, Forest
stment Resources and Timberve SRS USDA Forest Service
st, to name a few
Please do take a few minutes to revie Clark Binkley
w the exciting agenda we’ve assem
your place at the 7th Timberland bled and then book Managing Director
Investment Summit.
International Forestry Investment Advisors
I look forward to meeting you in
sunny Vancouver this June! Peter Barynin
Who Wi ll You Meet? Principal Timber Economist
RISI
Sincerely, ■ 22% TIMOs
■ 16% Paper & Forest Products Companie Aldo de Cresci Neto
s
■ 15%Institutional Investors Partner
■ 12%Forest Management Companies FMGCN
■ 10%Hedge Funds & Other Investor
Tim Corriero
Types
Managing Director
Toby Donovan ■ 8% Conservation Organizations
FIA Timber Partners
Program Director ■ 8% Law Firms
7th Timberland ■ 5% Banks Reid Carter
Investment Summit ■ 4% Other Managing Partner
Brookfield Asset Management
Brian Stanton
2 www.TimberlandInvestmentSummit.com | 1-800-882-8684 PhD and Managing Director
Tree Improvement for GreenWood Resources
3. Pre-Conference Workshops
Wednesday, June 23, 2010
8:00 – 10:30 Registration at 7:30 (Coffee will be served)
A Timberland 101:
Gaining Effective Exposure to the Asset Class
Timberland is an attractive investment, but it is also strongly knowledge-based: the most 9:00-10:30 Part II: Emerging Opportunities in Timberland Investment
successful investors are those who take the time to develop an in-depth understanding of
the asset class. For those new to timberland investments, this breakfast workshop will You want me to invest where? Emerging markets in timberland investment.
provide you with essential, practical know-how about accessing the asset class, avoiding Reid Carter, Managing Partner, Brookfield Asset Management, will provide an overview
common pitfalls, and structuring your investment correctly to maximize returns. of global opportunities to invest in timberland, with an emphasis on the opportunities in
emerging markets outside the normal purview of investors with commentary on the
8:00-8:45 Part I: Timberland investment: Why, How, When and Where? advantages and disadvantages of each region.
Clark S. Binkley, Managing Director of International Forestry Investment Advisors, LLC, and Can trees really grow that fast? Leveraging forestry technologies to generate higher,
internationally known timberland investment expert will review the traditional reasons for more reliable returns.
investing in timberland (good returns, low correlation with other assets/diversification, real
asset/inflation hedge) with commentary on how these factors have changed, not always Brian Stanton, PhD and Managing Director of Tree Improvement for GreenWood
favorably, in the current market. He will also discuss alternative investment vehicles with Resources, will introduce the non-specialist to how tree improvement works, how better
the advantages and disadvantages of each. His remarks will include a discussion of where genetics interact positively with better on-the-ground management, and how all of this
we are in the investment cycle in the United States and elsewhere. There will be ample translates into higher, more reliable returns for timberland investors. He will provide
opportunity for Q&A. examples for several key commercial species grown in the US, Latin America, Australasia
and elsewhere.
Clark S. Binkley Reid Carter Brian Stanton
Managing Director Managing Partner PhD and Managing Director
International Forestry Investment Advisors, LLC Brookfield Asset Management Tree Improvement for GreenWood Resources
11:00 – 1:30 Registration at 10:30 (Lunch will be served)
B 360º Risk Management for Timberland Investments:
Fireproof Your Timberland Investment through Comprehensive Due Diligence and Risk Mitigation Strategies
Successful timberland investing requires a comprehensive knowledge of the dangers •
Examine the most effective strategies for guarding against each risk – and determine
involved – together with a detailed grasp of due diligence activities and risk mitigation which risk mitigation strategies are ineffective, to avoid wasting time
strategies. In this workshop, delegates will be taken through the full range of How you will benefit:
timberland investment risks, include macro-economic risks, industry specific risks, •
Minimize the risks associated with your timberland investing
currency risks and forest management risks. •
Create strategies for dealing with investment pitfalls – before they occur
What you will learn: •
Dramatically improve your investment confidence
•
Gain a detailed understanding of the full range of timberland investment risks, including:
Jack Lutz
•
Macroeconomic risks (GDP changes, credit, real estate)
•
Industry-specific risks (valuation error, market timing error, etc) Director of Research
•
Regulatory risks (federal policing, tax changes) FourWinds Capital Management
•
Currency risks (eg. Unfavorable changes to US-Canadian dollar exchange) About your workshop leader:
•
Forest management risks (protection against Pine Beetle and fires) Your workshop leader is Dr Jack Lutz, Director of Global Research and Valuations for
FourWinds Capital Management, who brings 25 years of timberland investing experience.
2:00 – 4:30 Registration at 1:30
C Strategies for Smaller Investors:
How the Little Guys can Beat the Big Guys at Timberland Investing
It’s often been said that timberland investing is a game mainly for the institutional players – •
Make the most of being a smaller investor
those who can buy at significant scales, and diversify among multiple geographies and even • Avoid first-purchase surprises
countries. But the fact remains that some of the most successful timberland investors of the
Curtis Seltzer
last 20 years or so have been much smaller players, and that smaller investors actually have a
unique set of their own advantages which few have the expertise to capitalize on. In this Editor, LandThink & Author
afternoon workshop, learn how to make the most of being a smaller investor and discover How to Be a Dirt-Smart Buyer of Country Property
some of the “dirt-smart” strategies for walking away with sizeable returns! About your workshop leader:
What you will learn: Your workshop leader is Curtis Seltzer, who has lived and worked in the country for the
•
Discover how to identify attractively discounted parcels of timberland better part of 35 years. He has helped clients find and buy timberland (both pine and
•
Walk away with reliable strategies for valuing smaller timberland tracts hardwoods), farms, development land and conservation property. He is also the widely-
How you will benefit: praised author of How to be a Dirt-Smart Buyer of Country Property (2007, Infinity
•
Remove – as far as possible – the emotion from your investment decision making process Publishing).
5:00 – 7:30 Registration at 4:30 (Dinner will be served)
D Tradable Carbon Credits in the Timberland Market:
Maximizing Returns from an Alternative Revenue Stream
This workshop will cover how agreeing to conserve forest rather than converting forest •
Hearing the pros and cons of creating a global umbrella framework for REDD
land to other uses may also serve to generate tradable carbon credits. Forest lands under the UNFCCC
offer significant opportunities for sequestering carbon as well as limiting additional •
Identifying the key funding avenues and finance mechanisms
emissions to the atmosphere from forest land conversion.
Lloyd Irland
What you will learn: Lecturer and Senior Scientist
•
Examining how to measure forest carbon
•
Exploring new and emerging domestic and international project opportunities Yale School of Forestry
•
Analyzing the impact of a globally integrated carbon trading system for forest About your workshop leader:
owners and investors Your workshop leader is Dr Lloyd Irland, Lecturer and Senior Scientist at the Yale
How you will benefit: School of Forestry. Dr Irland is widely acknowledged to be one of the world’s leading
•
Getting an essential update on the policy and regulation affecting the timberland sector experts on forestry timberland investment issues, and has more than 30 years’
experience in the sector.
Sponsors:
3
4. Main Conference Day One
Thursday, June 24, 2010
“It was a pleasure to participate in the conference. I enjoyed meeting with colleagues
in the industry and learned a number of new things. I will look forward to IQPC’s future
timberland events!” Chung-Hong Fu, Managing Director, Economic Research & Analysis, Forest
Investment Resources
7:30 Registration & Coffee has been complicated by a weakened supply chain which has created
the oddly anomalous spectacle of soaring lumber futures. How will
8:30 Chairperson’s Opening Remarks these forces resolve themselves in the short, medium, and long term
– and what will be the implications for timberland investments? Keith
8:45 OPENING KEYNOTE ADDRESS: Balter, Senior Economist of Forest Capital Partners and a longstanding
After the “Pine Beetle: commentator on the US housing market, will provide meaningful
Evaluating the Opportunities for Private insights in the following key areas:
Investment in British-Columbian Silviculture • A closer look at the performance of the US housing market
IQPC is honored to welcome Pat Bell, the Canadian Minister for over previous decades
Forest & Range, as the opening keynote speaker at the 7th • Examining the correlation between housing starts, lumber
Timberland Investment Summit. Pat will use his keynote session to prices, and timberland values
expound on the topic of opportunities for private investment in • Gauging the future prospects for the US housing market:
silviculture in British Columbia following the mountain pine beetle demographics and economics
infestation, also focusing on the new timber pricing policy just • Does US housing matter to the US timber market? Housing and
announced. market fundamentals
Pat Bell Keith Balter
Minister for Forest & Range Principal
British Columbia Forest Capital Partners
9:30 ANALYST KEYNOTE ADDRESS: 11:45 Taking the Temperature of the North American
Inflation, Deflation, and the Threat of “Double-Dip”: Biomass Market
Examining the Impact of Possible Economic With a near national consensus on the desirability of renewable
Scenarios on Timberland Values energy sources, the biomass market is increasing in size and
Timberland’s effectiveness as an inflation hedge is well importance – and with major implications for timberland
documented: over the course of the 20th century timberland investors. What are the near-term growth prospects? Longer-term,
outperformed inflation by an average of 3.3% a year. But is what proportion of energy needs might theoretically be met by
inflation really on the cards? Many economists have argued that woody biomass?
deflation is a likelier scenario, and some have raised the
(admittedly rather horrible) spectre of a double-dip recession. The
• Taking a closer look at the pressures driving the growth of
question is: how will timberland values be affected by each of biomass as a fuel source:
these scenarios? To what extent should economic uncertainty
•
The demand for renewable energy sources
• The need to reduce energy dependency
influence investment strategies in the asset class? IQPC is honored
• Federal and state assistance, including BCAP (Biomass Crop
to welcome as its keynote speaker Steven Chercover, one of the
world’s top forest & paper products analysts, who will focus on: Assistance Program)
• Understanding how the biomass market varies on a state-by-
• Examining the inflationary pressures in the US economy: dollar state basis
weakness and expanded monetary supply • How the growth in the biomass market affects the overall
• Examining the deflationary pressures: Widespread credit supply-demand equation for timberland
contraction and unemployment increases
• Indicators as to whether inflationary or deflationary pressures Peter Barynin
will triumph over the next few years Principal Timber Economist
• Understanding how timberland values respond to inflationary, RISI
deflationary, and recessionary pressures – and what each of the
scenarios will mean for a given portfolio 12:30 Networking Luncheon
Steven Chercover 1:45 Factors Affecting North American Supply:
Senior Research Analyst Mountain Pine Beetle, Harvesting Trends, and
D. A. Davidson & Co the Health of the Supply Chain
Several factors are complicating North American supply-side
10:15 Morning Networking Break dynamics. On the one hand, due to harvest delays, stumpage
levels are at an all-time high, and some commentators have
11:00 The US Housing Market: speculated on the possibility of a supply-side glut if demand
Understanding the Future Prospects for the returns and everyone harvests at the same time. On the other
Major Driver of Future Timberland Demand hand, the supply chain is weakened. How effectively and quickly
For a timberland discussion to be meaningful, the US housing market can harvesting actually take place, even if the will is there? And
is the 8,000 pound gorilla in the room that needs to be addressed. finally, the Mountain Pine Beetle continues to lay its disruptive
Weakness in the US housing market has traditionally been a larvae in the middle of the supply side equation. Brendan Lowney
depressive influence on the lumber market, but recently the situation and Rocky Goodnow – two leading experts in North American
4 www.TimberlandInvestmentSummit.com | 1-800-882-8684
5. supply-side dynamics – will look at this key issue from a number Chung-Hong Fu
of directions, including: Managing Director, Economic Research & Analysis
Forest Investment Resources
• Examining the impact of Pine Beetle infestations on North
American inventories Jack Lutz
• Understanding the effect of the economic downturn on the Director of Research
health of sawmills and logging companies FourWinds Capital Management
• Quantifying the extent of harvest delays on overall stumpage
levels: Will the net consequence of an uptick in demand be a Joel Shapiro
glut of supply? CEO
• Forecasting the impact of regulatory changes on supply dynamics Timbervest
Brendan K Lowney Jamie Greenough
Principal, Macroeconomics Broker & Analyst
Forest Economic Advisors LLC Global Securities Corp
Rocky Goodnow 3:15 Afternoon Networking Break
Director, Timber
Forest Economic Advisors LLC 4:00 Interactive Roundtable Discussions:
The timberland landscape is fragmented and complicated, with a
2:30 Timberland Values: variety of attractive investment destinations competing for the
Time to Buy or Time to Sell? attention of the investor. In this exciting, interactive conference
With so much economic uncertainty and so many conflicting session, we ask 5 leading TIMOs to nominate their top investment
variables, the future of timberland values may well seem opportunity, and share the reasons for their selection with an
impossible to predict. But for timberland investors the stakes (and intimate group of delegates from the audience.
the rewards) are high, and it’s essential that decisions are made
with the full complement of available insight. For this extended Places on each roundtable will be awarded on a first-come, first-served
panel session, we bring together four heavyweight timberland basis – so make sure you book early to be sure of your first choice!
thinkers to roll up their sleeves and get deep into the topic. A
must attend panel for any serious timberland investor. Investment Opportunities in Brazilian Timberland
• What determines the price of timberland? Getting to grips with Aldo de Cresci Neto
the full range of contributing factors Partner
• Examining the historical price record: Do timberland values FMGCN
move in cycles?
• A closer look at the prospects for paper, pulp, packaging, wood Unlocking Liquidity in Timberland Investments
products – both internationally and at home David Branch
• Incorporating supply issues into the value equation: How Managing Director
capable is the North American productive base of responding to John Hancock Financial Services
demand? What are the implications for timberland prices?
• Making an informed decision about whether timberland values 5:00 End of Main Conference Day One
are currently near a top, representing a selling opportunity, or
near a bottom, representing a buying opportunity
Main Conference Day Two
Friday, June 25, 2010
8:30 Pension & Endowment Fund Think Tank 9:00 Registration & Coffee
- 9:30 By Invitation Only
9:40 Chairperson’s Opening Remarks
The Pension & Endowment Think Tank is an hour long discussion
mini-track limited to 15 participants from pension and
9:50 KEYNOTE ADDRESS:
endowment funds. There are two levels of participation: You can
The Changing Investment Landscape:
be among a select group of leaders that will bring to the forefront
Does the TIMO or the REIT Own the Future?
one topic of interest or challenge you are facing right now. Or
You asked us to bring back Joel Shapiro. We listened – and
you can be an attendee and take advantage of an exclusive
awarded him his own keynote address on the future of the
networking opportunity that is focused on your specific needs.
timberland investments space! This unmissable session will delve
Attendance is strictly limited to pension and endowment funds,
deep into the factors currently affecting change in the timberland
and all discussions are off-line and off the record. Key discussion
landscape, including considerations on the structures that will
areas will include:
dominate the future and the ongoing dynamic between TIMOs
• Portfolio optimization strategies Back by and REITs. Specific focus areas will include:
• Market timing and access strategies Popular • Evaluating the pros and cons of TIMOs and REITs
• Comparisons with other alternative asset classes Demand! • Liquidity considerations
• Risk management for timberland investments • Taxation considerations
• Appropriateness of each structure for differing investment
Pension funds confirmed (as of 02/19/10) include: Mass-
PRIM, Dallas Police & Fire Retirement System, APG, TIAA- horizons
CREF & CPP Investment Board • Examining the factors that will determine whether the TIMO or
REIT structure stands to benefit in the future
Joel Shapiro
CEO
Sponsors:
Timbervest 5
6. 10:35 International Trends in Timberland Investments 1:15 Networking Luncheon
The 7th Timberland Investment Summit is focused on North
American investment opportunities. Nevertheless, the audience is 2:15 Maximizing Returns from “Higher Better Use”
international in outlook, and there is strong interest in the global Land
picture for timberland investments. Dennis Neilson of DANA – who Despite (at the time of writing) soaring lumber futures, the long-
has made a name for himself in recent years by publishing the term prospects for timber prices remain uncertain – and many
industry’s pre-eminent report on timberland markets globally – will investors continue to look seriously at alternative strategies for
present the findings of his latest study, with a particular focus on: extracting value from their timberland assets. HBU – Highest Best
Use – a broad term which encompasses numerous alternative
• The size of institutional investment – North America versus
revenue streams, is well understood – but what’s less well
international
understood is precisely how landowners should go about setting
• Historical trends of international investment – scale and players
up alternative revenue streams, which streams they should
• New international investment trends – the sizzle countries and
prioritize, and how they should be maximized. Steven Diebenow
outlook
is one of the world’s top experts in this niche field, and in this
• Changing investment return targets
session he will deliver strategies for:
• International country risk analysis
• Examining the benefits of designating and identifying HBU land
Dennis Neilson • Understanding the most effective valuation techniques for HBU
Director
land
DANA • Prioritizing HBU land: A rural real estate analysis to determine
which variety of HBU will be most valuable
11:20 Morning Networking Break • Incorporating HBU land into your portfolio strategy
12:05 Reassessing the Role of Timberland within Steven Diebenow
Institutional Portfolios: Principal
A Comparison with Alternative Asset Classes Rock Creek Capital
IQPC is honored to unveil its largest and most significant investor
roundtable ever – with senior decision-makers confirmed from 3:00 Exploring the Economics of Harvest Timing:
Mass-PRIM, APG, TIAA-CREF, CPP Investment Board, and Dallas Is Conventional Wisdom Accurate in the Current
Police & Fire Retirement System. This extended panel discussion Environment?
will cover all aspects of the asset class from the viewpoint of The conventional wisdom of industrial timberland management is
institutional investors, including its suitability as an inflation that when timber prices are weak, managers maximize value by
hedge, its role within an alternatives portfolio, and the most harvesting the minimum amount of trees possible, deferring
effective diversification strategies within the asset class itself: further harvest until timber prices recover. The presumption is that
future value – driven by continued biological growth plus higher
• A closer look at the attractiveness of timberland from an
future timber prices – will more than make up for the weak
institutional perspective:
• Biological growth
current cash yields resulting from minimal harvest operations
• Inflation hedging
today. This strategy appears to be widely followed by timberland
• Low volatility
managers during the current period of weak timber prices.
• Reduced stock market correlation In this continuing extraordinary timber price environment,
• Considerations on the size of timberland allocation within an however, it is appropriate to ask: under what set of circumstances
institutional portfolio might the conventional wisdom to defer harvests fail to maximize
• Diversification strategies within the timberland allocation: value? Might the unusual distress of the recession and its profound
determining the optimal mix of geographies, species-types, and impact on timber prices suggest a different approach to harvest
management styles timing? Is there a contrarian opportunity to accelerate harvesting,
• Institutional risk management strategies for timberland maximizing current cash flow in exchange for reduced future
investments potential value? Does the duration of low timber prices suggest
that cutting now might be better than waiting it out?
Tim Schlitzer
Senior Investment Officer, Real Estate and Timberland Tim Corriero
Massachusetts PRIM Board Managing Director
FIA Timber Partners
Colin Carlton
VP, Investment Research 3:45 When Models Disagree:
Canada Pension Plan Investment Board Examining the Extent and Implications of
Gerald Brown Conflicting Forecasting Models
Chairman
•
Dissecting forecasting models: how they work, the assumptions
Dallas Police & Fire Pension System they make, how accurate are their predictions
• Understanding the extent to which timberland forecasting
Sue Ryan Goodman models disagree: Quantifying the financial implications of
Portfolio Manager, Real Estate & Timber conflicting models
APG Asset Management • Comparing current forecasts for major North American
timberland regions: SE, NE, West Coast & Canada, etc.
Sandy LaBaugh • Examining strategies for reconciling differences between
Director, Alternative Investments
forecasts
TIAA-CREF • Where do the forecasts agree that timberland investing looks
promising, unpromising and unknowable going forward?
Dr Jeffrey P. Prestemon
Research Forester, Forestry Sciences Laboratory
SRS USDA Forest Service
4:30 End of Conference
6 www.TimberlandInvestmentSummit.com | 1-800-882-8684
8. 535 5th Ave, 8th Floor • New York, NY 10017
7th Timberland Investing World Summit
June 23rd-25th; Vancouver, British Columbia
Priority Code: #NAD/NC
Please complete registration form & return to:
Nigel Cummings
Tel.: 646-253-5526
Fax: 212-697-4106
E-mail: nigel.cummings@iqpc.com
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