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In the Wall Street Journal last Wednesday, there was a discussion on the decisions made by big oil. One had to read several stories to put it together, but the exercise was worthwhile and instructive. On the one hand, Chevron and Exxon have been following a strategy of staying the course and have been rewarded with eye-popping profits. On the other, BP has moved towards a mitigating climate change, ESG strategy and not performed so well. Just my luck, the one I owned in my little stock portfolio that my wife allows me to play with is BP. In the pulp and paper industry, senior management has the same sorts of decisions to make and I am not talking about climate change and ESG. What I mean is this--do you follow the crowd or do you chart your own path?

The PM40 closed Friday, 3 February 2023, at 5614.

Get the latest PM40 updates by listening to the weekly Nips show and the PM40 Daily Show on Pulp & Paper Radio International.

The PM40 closed 3 February 2023 up 24.4% from the 4 February 2022 level.

In this issue of Disconnected Comparisons, we evaluate 3M and Resolute Forest Products.

Reported insider trading since the last issue of PaperMoney.

Ladies and gentlemen, the first class of inductees to the Paper Industry International Hall of Fame in Appleton, Wisconsin was inducted more than two decades ago in 1995, and today, more than 150 papermaking innovators and legends have been enshrined. This month, we profile the late Tad Bretting, who was president and CEO of C.G. Bretting Manufacturing Company in Ashland, Wisconsin, who was inducted into the Hall of Fame in 1999.

The PM40 closed Friday, 13 January 2023, at 5373.

Get the latest PM40 updates by listening to the weekly Nips show and the PM40 Daily Show on Pulp & Paper Radio International.

The PM40 closed 13 January 2023 up 12.1% from the 14 January 2022 level.

In this issue of Disconnected Comparisons, we evaluate International Paper and Nine Dragons.

Reported insider trading since the last issue of PaperMoney.

We are starting off 2023 with some doubts.

The PM40 closed Friday, 30 December 2022, at 5116.

Get the latest PM40 updates by listening to the weekly Nips show and the PM40 Daily Show on Pulp & Paper Radio International.

The PM40 closed 30 December 2022 up 8.3% from the 31 December 2021 level.

Reported insider trading since the last issue of PaperMoney.

Ladies and gentlemen, the first class of inductees to the Paper Industry International Hall of Fame in Appleton, Wisconsin was inducted more than two decades ago in 1995, and today, more than 150 papermaking innovators and legends have been enshrined. This month, we profile Luigi Lazzareschi, who was inducted into the Hall of Fame in 2018.

The PM40 closed Friday, 16 December 2022, at 5143.

Get the latest PM40 updates by listening to the weekly Nips show and the PM40 Daily Show on Pulp & Paper Radio International.

The PM40 closed 16 December 2022 up 12.9% from the 17 December 2021 level.

In this issue of Disconnected Comparisons, we evaluate Kimberly-Clark and UPM Kymmene.

Reported insider trading since the last issue of PaperMoney.

Is the great run in containerboard over? Will there be a railroad strike in the United States? How will the great climate change steamroller affect my business in the future? What will be the price of energy next year? Where is inflation going? These are just a few of the things on each of our plates as we finish out 2022.

The PM40 closed Friday, 2 December 2022, at 5279.

Get the latest PM40 updates by listening to the weekly Nips show and the PM40 Daily Show on Pulp & Paper Radio International.

The PM40 closed 2 December 2022 up 15.6% from the 3 December 2021 level.

In this issue of Disconnected Comparisons, we evaluate Louisiana Pacific and Quad.

Reported insider trading since the last issue of PaperMoney.