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Strategies & Market Trends : Value Investing

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To: Elroy who wrote (54099)	6/28/2014 8:22:29 PM
From: Spekulatius	Read Replies (1) of 78594

I don't deal with MLP business that own relatively short lived assets and/or need continued Capex to keep running. This is the reason why I don't deal with transports (relatively short lived assets), E&P (need continued drilling to replace reserves) or refineries (high maintenance Capex, volatile earnings). As for non-energy LP's, asset managers like OAK or ARES are worthy of consideration, since they require little capital retention and can distribute the majority of their income. OAK has an excellent reputation and track record for example and a distribution yield of almost 8%. Disadvantage: their business can dwindle quickly if they lose assets (most likely due to poor investment performance).

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