Rayonier 当前股价为 20，而其内在价值为 30-40，林地资产与回购将支撑这一折价收窄。
逐段跳播
目前其中一些会是像 Raniere 这样的投资标的，这是一家专门经营林地的公司。它拥有约 400 万英亩土地，其股价相对于这片土地每英亩的实际价值存在显著折价。
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.
这是一个我们几十年来取得了相当大成功的领域。我们以前持有过这家公司，也持有过一些在它之前的公司。当我们谈到价格时，这涉及业务层面和人的层面。我们看到某样东西价值在 30 到 40 之间，而它的交易价格是 20。
你可以按每英亩用不同的方式来计算，但它的交易价格远低于私人市场中林地的价值。
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.
然后我们持有的是 Rainier。人们就是不知道该如何对待这家公司。如果你去参加房地产投资信托（REIT）会议，你常常会发现这些人被挤在某个后面的房间里。他们做不到，你知道，所以……
按照房地产投资信托（REIT）的标准来看，业绩糟糕且被忽视。
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.
这是一个很棒的资产类别，因为到了该砍树的时候，你就应该砍。如果时机不对，就不要砍，但它的价值会持续增长。你知道，这家公司目前正在回购自己的股票。这是一种缓慢而稳步提高每股价值并缩小这一差距的方式。
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.
但它可以做更大的事情来弥合这一差距。这家公司是否应该在某个时候被私有化？我们拭目以待。这很有意思，因为它可以同时是一门好生意和一门资产回报率低的生意，因为你拥有那个坚实的价值基础。
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.
因此，资产回报率将是个位数，也就是中高个位数的回报。现在，以我们支付的价格来看，它可能还要更好。但长期来看，这并不是一门依赖特许权使用费、专利或类似东西的伟大生意。
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.
这个频道对 $RAY 的历次判断
The Acquirers Podcast 在这只股票上只有这一条判断。