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The other reason can be that investors look at equities as perfect hedges against inflation.
Hence, stumpage prices alone should not be viewed as consistent or persistent hedges against inflation unless they are held for a long period.
Historically, timberland returns have shown a moderate to high correlation with the consumer price index (CPI) so timberland assets have been viewed as good hedges against inflation (Washburn and Binkley 1993, Lundgren 2005).
Regardless of actual or unexpected inflation, there were times when the magnitude of the hedging parameter was significantly negative, meaning inferior hedges against inflation.