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Clearwater Paper: An Undervalued Spin-Off

Awesome article. Very convincing. You've really done your work on this one, and it shows.

I also like IP, UFS, and WY. All are receiving alternative tax credits. The paper industry has been consolidating for a decade, and had finally brought capacity to a good level, with solid pricing power, just prior to the economic collapse last fall. Profits can really move up once we get a sustained recovery. The tax credits, in my opinion, are just icing on the cake. Most paper stocks aren't reflecting the value of these credits at all, probably because it is widely assumed they will be eliminated later this year. However, the value of these credits relative to market values of the companies receiving them is staggering, and the benefits of them will be felt far into the future as they are allowing for some serious debt repayments today.

Again, very nice article.

International Paper Beaten to a Pulp: Time to Buy?

Nice. I shorted 2010 Leaps yesterday too. $20 strike, which would be a 24 year low if it really happens. I don't expect to get assigned the shares though.

Is Weyerhaeuser's Market Price at Odds with Its Sum-of-Parts Valuation?

Why would they monetize Westwood shipping?? Isn't that what WY uses to ship their harvested logs to Asia?? Seems like they would need to keep the ships as long as they keep the timberlands division, which is what most people expect them to do.