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, […]


This is the Dawning of the Age of Accountancy (Orient Paper)

July 7, 2010

Orient Paper (ONP) seems to have much in common with my other Chinese ideas: A high historical growth rate; a P/E ratio of 9 at current prices, a decent balance sheet, a Byzantine corporate history involving an offshore holding company and this time not even lumbered with a set of unusually high receivables; and being […]


Big opportunities in small places (Jewett Cameron)

February 4, 2010

They do say that small cap companies, which are not commonly followed by Wall Street analysts or even portfolio managers for a variety of economic reasons, are a fertile hunting ground for underpriced stocks. Although this effect has somewhat diminished since it was discovered, as most facts on Wall Street inevitably are (apart from the […]


Not afraid of inflation, but… (Rayonier)

August 2, 2009

With $787 billion in stimulus, $700 billion in TARP money, deficits projected to hit $1.8 trillion, the Federal Reserve cutting rates to effectively nothing, and Neil Barofsky, the government’s inspector general of TARP estimating a $23.7 trillion total risk exposure to the financial crisis, it is only natural to worry about inflation. Of course, that […]