Rayonier trades at 20 vs intrinsic value of 30-40; forest land assets and buybacks support the discount closing.

Some of them at the moment will be investments such as "Raniere ", a company that specializes in forest lands. It owns approximately 4 million acres, and its shares trade at a significant discount to the actual value per acre of this land.

This is a sector in which we have achieved considerable success over the decades. We have owned this company before, as well as some of the companies that came before it. When we move on to price, that's the business side and the human side of it.

We see something that is worth between 30 and 40 while it is trading at 20. You can calculate that in different ways per acre, but it is trading at much less than the values ​​of forest land in the private market.

Then we are in " Rainier". People simply don't know how to deal with this company. If you go to real estate investment trust (REIT) conferences, you will often find these people crammed into a back room somewhere .

They are unable to, as you know, so... poor performance and disregard according to real estate investment trust (REIT) standards.

it's a great asset class because when it's time to cut down trees, you should . If the time is not right, do not do it, but it continues to increase in value. You know, the company is currently buying back its shares.

This is a way to slowly and steadily increase the value per share and close that gap.

But it can do something bigger to bridge that gap. Should this company be privately owned at some point? We'll see . It is interesting because it can be a good business and a low-return-on- assets business at the same time, since you have that solid basis of value.

Therefore, the return on assets will be a single-digit amount, i.e., a medium to high single-digit return. Now, at the price we're paying, it could be even better. But in the long run , this is not a great business that relies on royalties, patents, or something like that.