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In late October I travelled to the US and Canada on a business trip that was exclusively dedicated to timberland investments. I had an opportunity to meet with a number of investment managers and some investors into the asset class, tour the timberland both in the South and in the Pacific Northwest, and collected a dearth of data, both from conversations and in print. It would take a multi page report to describe everything I learned, but I just wanted to outline some topics that I felt were of particular interest, and draw some parallels with other alternative asset classes.

Last Thursday (December 3rd) investment managers, prime borkers, compliance specialists and other professionals involved into hedge funds this way or another, gathered in Roppongi Hills overlooking the busy Tokyo city for a few drinks and a lot of networking. Organized by Mr. Stefan Nilsson, the founder and president of the Hedge Fund Club , the party was much more lively and cheerful than the same event a year ago. This time it was even filmed by a local TV station, and feeled much more crowded. I enjoyed meeting new people, among them a manager of an art fund, and a Europe-based manager planning to launch a "forestry fund", which apparently is what timerland funds are called in Europe. All in all, things seem to be picking up little by little, so let's hope for a truly happy New Year.