"The housing market is softer than people think," (Jeffery) Gundlach said, pointing to a slowdown in mortgage refinancing, the time it's taking to liquidate defaulted loans and shares of homebuilders that have dropped 16 percent since reaching a high in May. (Bloomberg, January 24th)
Pope Resources (NASDAQ:POPE) is a publicly traded Master Limited Partnership (MLP) owning and managing land and timber in the Pacific Northwest, created as a spin-off in 1985. Assets include 113,000 acres of productive fee timberland and a 15% co-investment in 90,000 timberland acres. Essentially, all Pope's revenues are timber-related or land sales.
Pope has paid a trailing past-year distribution of $2.00, which equates to a sub-3% yield. This is far...
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