The Rising Influence of Rising Affluence

[acgood]

Agree PCL is an interesting play. What metric do you use to value the timberland acreage? The value on the balance sheet is basically purchase price right? [It comes to maybe $3.5b vs your calculation of $10+B if I recall]

Also- can you shed any insight on the joint venture and related $750m+ in bonds? Seems like an odd structure to me- what was the point of doing it this way vs simply selling the land and/or issuing debt to the general market?