Timber Investment Analyses Using CAPM and capital Budgeting Techniques o Wagner et al. (1995) analyzed typical forestry investments using capital budgeting techniques De Forest et al. (1991)showed that timber assets would be useful to add as a moderate component of a portfolio in order to enhance overall risk/return performance by CAPMTimber Investment Analyses Using CAPM and Capital Budgeting Techniques u Wagner et al.(1995) analyzed typical forestry investments using capital budgeting techniques. u DeForest et al.(1991) showed that timber assets would be useful to add as a moderate component of a portfolio in order to enhance overall risk/return performance by CAPM