RE:Us conterparts They are not direct competitors for a number of reasons.
1. WY is a timber REIT with a value anchored in land. These are more stable. They just happen to have mills on top of the timberland.
2 LPX is a more fair take, but it's less on the commodity cycle. They are pretty much focused on siding not
OSB and their truce with Norbord has paid off (they avoid any competitor hatred and stay out of each other's markets).
3 Boise as LPX is largely off the commodity cycle.
It's I was actually surprised the WY equity beta was 2. IFP is higher at nearly 3. That means overreactions to regular maket ups and downs.
All said ithe viewpoint of "reversion to the mean" is prevalent. People think $350 lumber was the norm given the last few years. I think it's actually the outlier. Time will tell, but me in mind this market is not efficient otherwise o wouldn't have bought my shares at $11 in this. I largely ignore the day to day stuff.