The Start of a Rebound?
In a world where the listing of Facebook (FB) dominates the financial headlines, boring old trees hardly seem like a red-hot asset class. And yet, value investing legend Jeremy Grantham believes that timberland is the best long-term investment there is. According to Grantham, timber has risen steadily in price for 200 years and has returned an average of 6.5% a year over the past century. Grantham calculates that stumpage prices -- the value of all the wood on the stump -- have beaten infl
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