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ABSTRACT

YOUR WOODLANDS PORTFOLIO: FORWARD

  CHAPTER                                                                                                                           

  ONE. YOUR LAND, YOUR CHOICES AND YOUR OPPORTUNITIES   

            Basic Factors Affecting Total Woodland Returns

            The Concept of Woodlands Portfolio Management

            Commonalties of Woodland Ownership

  TWO. INVESTMENT EQUIVALENTS OF FOREST MANAGEMENT TERMS AND

            CONSIDERATIONS

            Think of Stands as Mutual Funds

            Think of Trees as Stocks-Picking Winners and Losers

            A Fully Vested Stand

            Divestiture, or Liquidating a Stand

            Economic vs. Biologic Maturity

            Stand Ages = Total Length of Investment

            Your Forester is Your Asset Manger

            IRA Equivalent

            Dollar Cost Averaging = Diversifying Stand Ages           

            Timing the Market

  THREE. TAX CONSIDERATIONS

            Federal Income Tax

            Estate Planning

            Property Taxes

  FOUR. FACTORS INFLUENCING STAND VALUES

            Tree species

            Tree Size

            Tree Quality

            Supply and Demand

            Economies of Scale

            Available Markets

            Site

  FIVE. ECONOMIC TRENDS AND FORECASTS

            Crystal Balls and Tea Leaves

            Market Reports

            Forest Inventory Analysis

  SIX. NON-TIMBER VALUES

            Wildlife

            Aesthetics

            Recreation

            Real Estate

  SEVEN. COSTS ASSOCIATED WITH WOODLAND MANAGEMENT

            Why Costs are Important

            Land

            Cultural Practices

            Consulting and Management Services

            Legal and Accounting

            Boundaries and Surveys

            Associated Costs

            Opportunity Costs

  EIGHT. UNDERSTANDING AND MANAGING RISKS

            What about Risk?

            Categories of Risk

                        1. Environmental

                        2. Management Complexities

                        3. Market Trends

                        4. Human Intervention

            Levels of Risk

                        1. Low

                        2. Medium

                        3. High

                        4. Very High

            Applying the Risk Assessment System

  NINE. SELLING TIMBER

            Get It Right the First Time

            Appraisals

            Marketing Strategies

            Payment Methods

            Contracts and Timber Deeds

  TEN. DEVELOPING YOUR PERSONAL WOODLANDS PORTFOLIO

            Setting Goals, Objectives and Policies

            Property Inventories

            Assessing Your Options

            Building and Action Plan

  ELEVEN. PURCHASING WOODLAND

            Know Exactly What You Want, and Why You Want It

            Know What the Total property is Worth Before You Buy It

            Always Consider Site and Stand Conditions

            Determine In Advance the Total Cost of Establishing Your Business

            Where and How To Locate Desirable Woodlands

            Negotiating a Land Purchase

  TWELVE. PARTING THOUGHTS

            Reviewing Some Basic Principles

            Being a Responsible Forest Steward is Smart Business

  APPENDIX  

  I. COMPARATIVE PORTFOLIO INVESTMENT ALTERNATIVES SUMMARY

  II. STAND PROSPECTUSES

            International Upland Hardwood Stand

            Domestic Upland Hardwood Stand

            Low Quality Upland Hardwood Stand

            Yellow Pine Pulpwood Stand

            Upland Yellow Pine Sawtimber Stand

            Bottomland Loblolly Pine Sawtimber Stand

            International Bottomland Hardwood Stand

            Domestic Bottomland Hardwood Stand

            Low Quality Bottomland Hardwood Stand

            International Cove Hardwood Stand

            White Pine Sawtimber Stand

            Hardwood Plantations

            Paulownia Specialty Stand

            Walnut Specialty Stand

            Christmas Trees Specialty Stand

            Streamside Management Zones

            Green Stands