Archive

8 Decade Secular Trend

29Apr
I’m trying to figure out if there are any conclusions to be drawn from the U.S. Census data for 2010, see if I can get my tax money's worth out of it....  Massachusetts grew in population by 3.1% from 2000 to 2010, and the New England region as a whole grew in population by 3.2%.  By comparison, Texas grew its population by 20.5% in the last ten years,

Where Does Your Gas Come From?

28Apr
Where does your gas come from?  I use natural gas to heat my home in Waltham, Massachusetts.  The company that supplies the gas sources most of its natural gas from two pipelines, Tennessee Gas Pipeline (owned by El Paso Corporation) and Algonquin Gas Transmission (owned by Spectra Corp).  Those two large pipelines are interconnected to supplies as far

Week Thoughts

15Apr
Happy almost tax day!  This week, as MLP investors everywhere are paying their recapture ordinary income taxes for MLPs sold in 2010, the market didn't do much, and neither did MLPs.  The S&P 500 finished the week slightly lower than the previous week, while MLPs barely moved, down or 0.1%.   Interest rates were down this week as well. The

Institutional Ownership Stats

14Apr
Someone recently brought up to me that given how few MLPs there are (80 or so), and given all the new money flowing into the space, doesn't that necessarily mean that valuations get out of whack.  The classic case of two much money chasing too few ideas, particularly when the mandate of these funds is specific to MLPs.  So, I am trying to figure out just

Bigger They Are…?

06Apr
When the market cratered for a few days last month and it seemed like the end of days came a year early, it was interesting to see EPD (on no news) trade off significantly more than the smaller and less liquid MLPs.  There was even a few minutes when stink bids were getting hit for EPD at $10 below the previous trade.  I didn’t see any of that from the

MLPs – All Sixes

31Mar
While Japan and the Middle East are "at Sixes and Sevens", MLPs are all Sixes Wild ride, but almost a flat month - MLPs finished March negative for the month, the first negative month for the MLP Index since August of last year, so six consecutive positive months.  At the trough on March 15th, the index was down 6% for the month, but rallied hard (along

Week Thoughts

25Mar
Big M&A and PIPEs – flashback to 2007 this week as MLPs erase dip and grind higher No equity offerings this week, and a recovering broader stock market led to outsized gains for MLPs, as the sector played catch up after digesting the equity issued earlier in the month. Big Acquisition Moves Market The biggest deal driving stock prices this

MLPs: Quick Weekly Recap

11Mar
MLPs Drop on Global Issues and Are Reminded: There is a Limit to Investor Demand for More MLP Paper The MLP Index closed down 3.7% for the week, the largest weekly drawdown since May of last year, and the first significant drop week over week since January.  Some of the weakness this week definitely had to do with the several equity offerings that came

KMI: Snap Take

11Feb
Someone asked me for my general thoughts on KMI today, thought it would be appropriate to offer them here as well. We are (as of today) owners of KMI, in the interest of full disclosure. KMI is currently trading at a 3.76% yield, KMP is currently trading at a 6.4% yield. If we assume that KMP grows it's distribution 4.5% per year for the next 5 years,