Archive

Week Thoughts: MLPs Go Back for Seconds

24Nov
MLPs bounced this week 3.2%, riding the rising broad market through another big week of equity deals (around $450mm in primary issuance)  and equity filings (2 S-1's for MLPs that have been public less than a year, one mixed shelf filing).  After MLP post election fear peaked on 11/15, the Alerian MLP Index is up 6.6%, including the 3.3% pop on 11/16.

Week Thoughts: MLPs Coil, Coil Some More…Then Spring

17Nov
Most of the time, MLPs get batted around by price movements outside of themselves, such as price action in the broader energy sector, the stock market, commodity prices, Europe, etc.  But this week, MLPs drove the bus, and the price action of the sector attracted attention from the financial media.  Also, traffic to my website from search terms like "why

MLP Cliff Dive Update

15Nov
Last week's 2.6% decline by the Alerian MLP Index was just the under card, the main event was this week, as MLPs and other high yield securities have gone from in favor to out of favor in the blink of an eye.  MLPs have been out of favor all this year, it seems like the exact moment when everyone was touting high dividend strategies late 2011 was the right

Week Thoughts: MLPs in a (Land)Slide

12Nov
The MLP Index was down 2.6% this week including distributions.  MLPs have been sliding since around October 5th, down 4 out of the last 5 weeks, and the one positive week was actually negative without distributions.  The Alerian MLP Total Return Index hit its latest all time high on October 17th, and is now 4.3% off that high since. Distribution

MLP Winners and Losers: The 2%

10Nov
The Alerian MLP Index was down 2.6% this week on a total return basis, 3% not counting distributions.  It would have been much worse if more than 2% of the index was comprised of coal MLPs.  The S&P 500 was down 2.3%.  It was a "risk off" week, with only the direct dollar and inflation hedge assets posting a positive week, with gold up 3.3% and crude

MLP Week Thoughts: Just the Stats

04Nov
Busy week in the MLP space.  Earnings and the equity calendar weren't slowed by the big storm, or by the two day stock market closure.  Busy week for me as well.  So busy that I'll be very brief with the commentary, sticking to the charts and stats for the most part.  Also, good luck to anyone that is still without power or had their property damaged

On the Side: Pro Sports Ownership and MLPs

02Nov
Some readers may not be aware, but I am co-founder and part owner of a professional sports franchise.  After I quit Lehman in 2007, I invested in and helped (with my partner Andrew Nestor) form the investor group of the Tampa Bay Rowdies, a pro soccer franchise. The two questions I get about it once people find out are: Is that part of the MLS?

MLP Distribution Update

01Nov
MLP distribution announcement season is almost over, and it has bled into earnings season, which is in full swing this week even amidst the breaking storm clouds around the northeast (Austin sunny and warm, FYI).  But with the vast majority of MLPs having announced distributions for the quarter, it’s a good time to review some of the distribution