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$BCC Managements' Good Decisions.
Boise Cascade Company has been one of the largest beneficiaries of the pandemic with shares up over 250% since the beginning. This is due to the significant increase in the price of lumber and building products in general.

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Management recognized that this price inflation was temporary and set to work deploying capital to de-lever, as well as bolster balance sheet cash.

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The significant jump in cash flow would indicate special conditions. And I would expect a contraction over the next few years.

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Liquidity or Balance Sheet Cash has grown far faster over the last 2 years.

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Net Leverage is far below the company's long-term goal of Sub-2x.

Unfortunately for $BCC, the price of random-length wood is steadily coming down.

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It seems like the run was good while it lasted but I would expect with housing starting to show signs of slowing down as well as lumber prices falling the extremely good times might be coming to a close.

I do think that the management team has done a fine job these last few years and I would expect them to be able to continue to run the company well into the future.

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