Timber! Why the rich are buying trees
That’s according to Dennis Moon, head of Specialty Asset Management at U.S. Trust, a division of Bank of America ( ), whose job it is to find, manage, and log plots of trees for the firm’s well-healed clients.
Ever since the financial crisis, business is booming, as rich families have worked tirelessly to diversify their investments beyond traditional stocks and bonds.
Here’s why the 1% are loving lumber, and all the green that comes with it.
‘Steady eddie’ investment: After seeing their portfolios pummeled during the recession, many wealthy people have flocked to asset classes that don’t rise and fall with the stock markets. That’s where timber comes in.