With all the buzz about the virtual economy, perhaps it is no surprise that paper production has been faring badly. In the past decade, America's paper firms have delivered average annual returns of only about 12%, lagging the S&P 500 index by five points. European paper firms, whose returns on capital have not exceeded 10% in recent years, have also done badly. Paper firms everywhere have been destroying reams of shareholder capital.
展开▼
