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EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES AND INFLATION HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors..
MLP Earnings Provide Update on Fundamentals
Energy investors have seen their holdings buffeted of late by the price of oil, and Master Limited Partnerships (MLPs) have been no exception to this. Their prices have moved as if they have substantial exposure to oil, whereas midstream MLPs are most notable for their cashflows being predominantly fee-driven. Over the past few days several […]
The Sky High Expenses of MLP Funds
If the arcane tax accounting of the mutual funds and ETFs that invest in Master Limited Partnerships (MLPs) is of no interest to you, let me save you some time and advise you to skip reading. As the rest of you who have proceeded past the warning probably know, the attractive tax-deferred yields offered by […]
MLPs Will Fluctuate
MLPs continue to be weak. Through yesterday the Alerian Index is -15.1% YTD and has now fallen 26.6% from the peak last August. This trend has accelerated in recent weeks. Since we are only now heading into earnings season for many names, the moves of late have been driven largely by macro issues. The drop […]
Kinder Morgan Isn't Greek
Over the past week we’ve witnessed a negotiation of monumental incompetence. Greece’s Prime Minister Alexis Tsipras successfully won a referendum rejecting bailout terms that were no longer on offer, presided over the subsequent freezing up of the economy as the banks were forced to close and finally agreed to worse terms than he and Greek […]
A New Approach to Bonds
Countless investors and financial advisors wrestle today with the conundrum of how to approach bonds. We are reminded constantly of the likelihood of rising interest rates; most recently Fed chair Janet Yellen reiterated the case for a hike in short term rates later this year. She argued that uncertainty over Greece was likely to be […]