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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (34412)	5/7/2009 9:48:36 AM
From: Spekulatius	Respond to of 78704

Pault, regarding ETN in general and AMJ specifically you are correct - you do own a note and have the credit risk of the issuer associated with it. I would never buy an ETN for that very reason.

To: Paul Senior who wrote (34412)	5/11/2009 11:55:34 AM
From: Paul Senior	Respond to of 78704

Reviewed my position in TYN vis-a-vis other mlp etn's with which I'm familiar. I'm adding a few shares, fwiw. Although the price has moved up up from lows, the etf still has its attractions (for me). Positives are the distribution yield, currently about 10% (depending on how one calculates it), and this etf's underlying positions which I am interested in - ETP EEP, KMP (these discussed here by Spekulatius, et. al.), Linn Energy, others. I hadn't seen before that TYN has a deferred tax asset (a liability) of $1.33/sh. which is included in nav. That should be considered in evaluating the price:nav ratio. Relatively, I assume that since competitor mlp etf's seem to hold many of the same stocks, in different proportions of course, that these other etf's also have a deferred tax asset component. tortoiseadvisors.com