September 2020
Strategic & Financial Arguments (TM)
for the pulp and paper industry worldwide
Participating as industry experts in pulp and paper financing and M & A deals around the world for nearly three decades, we continue to see the same mistakes made over and over. This newsletter is designed to help you avoid costly mistakes we have seen others make. We will be giving you one or two points each month to help improve your performance.
Steady Eddie

Sometimes we may look with a jealous eye at the tech sector, but in the long run, the pulp and paper industry is a great business in which to invest one's career and money. Yes, we have had our struggles with the tech sector intruding in our traditional space, but that may be close to being behind us. As I always say, if you are looking towards cellulose based products (read: paper) which exist for their physical properties (read: tissue and packaging), your choices are just fine. If you look to cellulose for conveying ideas (newsprint, books, magazines and so forth) you are in trouble. The industry is finally getting this all sorted out.

Compare our industry, considered an "essential" industry in these days of Covid-19, with others, including some in the tech sector (How is your stock doing, Mr. Musk?). As an essential industry we are approaching the classification of a "widows and orphans" stock.

For folks my age, we recall when the pulp and paper industry was a wild ride from a financial point of view. Today those practices (especially one practice: make tons and make more tons) seem to be understood and tamed. As an industry, we show steady earnings growth.

And over at our site,, we can confirm that the business worldwide continues to hire at a steady pace, even in these times. We believe this to be an indicator that we are weathering the current storms just fine.
If you have a casual question or a major deal, call me on my personal cell phone - 404-822-3412 or email me at or We are here to help.