A forest can look expensive to a pulp producer and attractive to a pension fund at the same time. The industrial company needs capital for factories, machinery and debt repayments. The investor may be able to commit money for decades, collecting income from an asset whose production cycle fits that longer horizon. That difference helps explain J.P. Morgan’s growing interest in forestry. Timber sales provide an established business. Land ownership offers exposure to future asset values. Carbon projects can add another source of revenue where the conditions are right. Taken together, these opportunities allow financial investors to ...