Wald im Portfolio eines wirtschaftlichen Unternehmens

1999

S. 451-456

11 Lit. Ang.

Unselbständiges Werk

200081503

Forest management strategies - flexible within a certain range - must be based on clearly defined, not contradictory goals assigned to timberland within a business portfolio. The low return on investment in German forestry of less than 4% proves that the market places higher value on timberland than can be justified by quick profit out of timber production. Obviously investors in timberland favor different qualities of timberland such as: low risk, certainty of future income through high cost-efficiency, high liquidity of growing stock, favorable prospects for wood as a sustainable growing raw material and finally tax benefits. The portfolio as a whole takes benefit from interaction of different assets. Timberland shows its best performance as a complementary investment to high profit high risk assets. Performance of forestry can be considerably improved by consequent reallocation of capital according the principle of best marginal interest.