Archive

Week Thoughts: No Action, Positive Reaction

25Sep
MLPs snapped back hard with their best week since April, up 4.5% over last week.  Large cap MLPs outperformed smaller MLPs (EPD’s big week helped AMZ outperform the equal weight version by 50 bps).  Wednesday’s confirmation of 3 more months of current rates from the Fed spurred risk assets higher, especially those that offer income (UTY +3.4%, S&P

Week Thoughts: Hot IPO, Cold MLPs

18Sep
Correlation between oil prices and MLPs came back this week, shattering the recent relative calm for MLPs.  The index dropped 3.6%, moving in the opposite direction of yield-based equities (UTY +2.2%), equities in general (S&P 500 +0.5%) and natural gas prices. MLPs either followed oil lower, or dropped on an increase in risk premiums across the

Week Thoughts: A Pipe in the Ground is Worth Two in Limbo

11Sep
It was a short, action-packed week.  MLPs caught a wave of positive M&A vibes and higher commodity prices that carried the sector higher through Thursday, then crapped out with the rest of the market on Friday to finish the week down 1.0% overall.  MLPs outperformed the S&P 500 and utilities, which were both down 2.4%.  Friday was the worst day