The timber industry has always been cyclical. It is typically the first to be affected by a downturn, and the last to emerge from it. For example, in the recent sub-prime mortgage crisis of 2007-2010, much of our lumber investments and interests were transferred to China. Since then, we have seen a slow but sure increase in housing starts and lumber prices. Most predictions indicate the next super-cycle peak is yet to come, which means new opportunities and next generation technology will continue to push the wood industry forward.