Fincom Investment Partners
Special situations

Pope Resources: Vulnerable To A Housing Slowdown; Overpriced By 50%

"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...

Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
PRO Top long ideas returned 21.7% in 2016**
"As a PRO member, we get uniquely valuable perspective that go beyond our quantiative analysis... We rely on PRO to get beyond the numbers quickly and add much needed perspective. It keeps me ahead of the next big thing. - Mark Choate, Malaga Cove Capital"
Mark Choate, Malaga Cove Capital
"Contributors (writers and commentators), often have a long history in the secuirities they opine on and some are clearly well positioned industry participants with detailed industry views that can help provide color on where the skeletons are buried in a particular secuirity and/or industry."
Jim Roumell, Roumell Asset Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details