Rayonier

Improving Berkshire here.

Rayonier, this is now getting interesting.

The lumber, timber, the stocks are falling like timber.

We discussed this in an interesting video.

Their return is not yet 10%.

I would like to see it here, but we are at six, seven percent likely long term, and you're owning trees.

Perhaps we need to separate Weyerhaeuser, but that will be for another date with Rayonier as the companies are a little bit different.

We continue.

And I do think that tended to correlate as well with kind of the relative valuations we saw from those smaller names as compared to some of the bigger players in the space.

So if you look at Rayonier and Weyerhaeuser today, scale is certainly an advantage when we think about the ability to reinvest back into the respective wood products businesses to remain cost competitive, the ability to be nimble in regards to timberland acquisition and disposition activities while still being able to maintain that solid base of harvest contributions, as well as the ability to invest behind and take calculated chances with some of these climate solutions opportunities where they're able to play the long game, so to speak.

So all that said, in my view, I do think these deals really tell us that the public timber REITs firmly believe there is a public versus private kind of timber lane valuation disconnect, and therefore, the transaction opportunities that have included a lot of these other public timberland owners have really offered the best return opportunities as well.

Do you see any further scope for consolidation? Would it be on a, obviously a much smaller scale?