Clearwater: A Paper Company Offering High Returns

May 14, 2024

Clearwater is a paper company offering a high free cash flow yield.


Greif Inc.: Promising but Recent Results are Worrisome

April 22, 2024

Greif is a packaging company that has a global operation to make industrial packaging out of steel and plastic, and a similarly-sized operation to make paper packaging in the United States, and also a line of paper goods. Based on its recent performance it appears to be attractive, but the results of the first quarter […]


Recency Bias and Cyclical Companies, and also Assessing International Paper’s Restructuring

January 8, 2012

In my last article discussing Black Box, part of my positive opinion of the company was its performance in 2009. This led me to consider how far back into a company’s earnings history we should go. Ben Graham in his Security Analysis recommends at least a decade, but that runs into the situation that a […]


Domtar (UFS) – A paper company with strong cash flows

April 6, 2011

Since my last foray into the paper industry with Boise Inc., I thought it would be appropriate to review the rest of the sector. After some searching, I have settled on Domtar (UFS).  Domtar is the largest producer of uncoated freesheet paper in North America, and also a producer of wood pulp, with operations in […]


Boise Inc., (BZ): An attractive paper company

January 24, 2011

My habit of finding companies that come in pairs is running true to form, although I think this could be the longest period between matching up the pairs. More than a year ago, I profiled Rayonier, a timber company that produces forest products and that got to take advantage of the black liquor tax credit, […]