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August 4, 2011 Dear Friend,
The outlook for housing starts, Wood
Manufacturing results and the "Real Estate" or home building segment of
Weyerhaeuser remains quite poor.
However, the cellulose pulp segment enjoys record results, the 6.4 mm acre timber lands are quite valuable and overall the company avoids losses in a terrible business climate. Its share have fallen almost to meet our price target, and we are raising our investment rating to Neutral from Underweight. We are finalizing our August 22-23 trip to U.S. Steel, Allegheny Technologies, RTI Titanium, Alcoa and possibly another company, and want to make sure everyone responded who may want to join us. Please reply to this message or give me a ring if you want to join us. Faithfully,
John C. Tumazos, CFA
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Copyright © 2008 John Tumazos Very Independent Research,
LLC
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