Week Thoughts: No Taxation Good, Liquidity Crisis Bad

MLPs had an outstanding week on a relative basis, beating the S&P 500 by more than 450 basis points, but lost 2% on an absolute basis.  This out-performance is even more pronounced compared to the energy index EPX (down more than 16%), and against crude oil's 9%+ decline.  Most of that relative performance occurred on Monday, when MLPs were up 2.1%,

Fun with Correlation and MLPs

On a day like today when almost everything is again correlated and down, including gold, seems like a good time to discuss correlation. A few weeks back, several articles came out about just how correlated everything was in August as the market's traded up and down in unison around the debt ceiling discussions, financial crises in Europe, and earthquakes

Richest MLP People in America

The new rich list is out, the one that lists the 400 richest Americans (see here).  Gates, Buffett and Ellison top the list, but the biggest movers this year were the Koch brothers, who are now tied for 4th richest Americans at $25 billion each.  The rest of the top 20 are combination of money managers (Soros, Paulson), Entrepreneurs (Bloomberg,

Week Thoughts: No Boehner for MLP Tax Reform

MLPs had an ok week on an absolute basis, but were crushed by stocks on a relative basis.  Stocks (represented here by the S&P500) posted their best week of the year up 5.4%, with positive gains in each day of the week.  Gold and treasuries were down, while MLPs held flat for the week.  Interesting to note that since the 4/28 peak, MLPs and S&P

The Energy Report Interview with Hinds Howard

A few weeks back, I did an interview with The Energy Report, and today they published that interview.  The Energy Report is a website that issues a newsletter of energy related articles twice a week, and the website has started to regularly feature my weekly posts on the MLP market.  The topics discussed in my interview were the basics of MLPs, the merits

MLP Week Thoughts: Equity Flood Starts with a Single Deal

Lot of action in the short week after labor day.   Two out of the 4 trading days saw the S&P 500 move more than 30 points, first up 33.4 on Wednesday, then down 31.7 on Friday.  The net of the week was down 19 points or 1.7%.   If there were an index for hot air from politicians, it would have been sharply up this week with the republican debate

MLP Makers: Where do MLPs Come From?

Here in Boston, tech entrepreneurs are everywhere, and so are their venture capitalist backers.  The accepted route to building a multi-billion technology or internet company was memorialized in “The Social Network” last year (if you subtract the lawsuits and drama over cutting out your friend and co-founder).  That film chronicles how The Facebook

Week Thoughts: MLPs Rise Until Jobs Don’t

For the week, MLPs were up 1.9%, outpacing the broader markets, in a week that saw gold and treasury prices rise sharply again.  The 10-year treasury interest rate traded below 2% again on Friday following the terrible jobs report.  MLPs finished August on a very strong note, closing 12% higher than the August 8th low.  For all of August, MLPs were down

MLP IPO Update – On Pace for Record 2011

Over the last month, while the IPO market was closed due to market correction and volatility, several hopeful MLPs continued to work through the SEC registration process with amended S-1's filed.  3 new initial S-1's have been filed for MLPs since July 27th, which increases the IPO backlog to a very robust 8 IPOs waiting to go public.  This comes on top