One sign of a mature industry is lots and lots of deal making. The pulp and paper industry is here. There appears to be more interest in buying and selling pulp and paper assets than running them for the long haul. This comes from the idea of making a profit today versus the fear of a loss tomorrow. Our track record over many years has led today’s investors to this Pavlovian reaction. Keep in mind that today’s investment bankers were 11 to 15 years old at the time of our last perceived boom period.

This is an opportunity for really good operators. Those management teams that are comfortable with and have a proven track record of turning in results on a consistent basis should be able to ask their price these days—-they are a rare group indeed.