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Risk and Return from Investments in Pine, Hardwoods, and Financial Markets

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This paper compares the return and risk of growing fully regulated sawtimber stands of pine, oak, gum, and ash, with the financial market investments of common stocks, corporate bonds, U.S. Government bonds, and U.S. Treasury bills during the 1956-1984 period. Over this period, timber investments realized higher real rates of return than financial market investments. Portfolio analysis shows that for investors considering both types of investments, efficient portfolios typically consist of a mix of pine, ash, common stocks, and Treasury bills. South. J. Appl. For. 16(1):20-24
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Document Type: Journal Article

Affiliations: School of Natural Resources, The University of Michigan, Ann Arbor, MI 48109-1115

Publication date: 1992-02-01

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  • Each regional journal of applied forestry focuses on research, practice, and techniques targeted to foresters and allied professionals in specific regions of the United States and Canada. The Southern Journal of Applied Forestry covers an area from Virginia and Kentucky south to as far west as Oklahoma and east Texas.
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