As I write this, it is all downhill from here. At least in the Northern Hemisphere--the summer solstice has come and gone, and days are getting shorter. Our Southern Hemisphere friends can look forward to winter and spring.

From a business standpoint, we have met this year with some fear and trepidation. After the tariff scare of April, the stock market seems to be recovering. The pulp and paper industry seems to be a bit behind this.

Except here in North America, the tissue industry is acting very optimistic, with capital projects announced all over the place. Have they learned their lessons from past splurges? We will know in two or three years.

Containerboard is in a bit of a pause, but I don't think it will last long.

Coated Recycled Board is getting ready for a large jump in capacity towards the end of the year. We will have to wait and see how well the market digests that!

Where will the PM40 be at the end of the year? Will it rise above 6,000 again? (You can keep up with it daily at Pulp and Paper Radio International on your favorite podcast player.)

Jim Thompson is CEO of Paperitalo Publications.