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“Friendship Is Magic”
Pony Lessons:
Strength in diversity
Stay true to yourself
Rewards of sharing
Knowledge trumps fear
Success Without Secrets
High barriers to entry
Favorable tax rules
Huge transcontinental market
U.S. shale revolution
An Enviable Record
2013 Alerian MLP Index: 27.6%2013 MLP Profits full-year holdings¹: 39.7%
2014 Alerian MLP Index: 4.8%2014 MLP Profits portfolio: 5.0%2014 MLP Profits Best Buys²: 27.5%
2015 Alerian MLP Index³: -1.4%2015 MLP Profits Best Buys³: 10.7% ¹ - Picks made during 2014 returned 12.6% over average holding period of less than four months² - Full-year average return for Best Buys list of 3/12/14³ - All 2015 performance numbers on this slide through 5/8/15
2015 Best Buys standouts
• Energy Transfer Equity (ETE) 20.8% YTD• Williams (WMB) 14.6%• Global Partners (GLP) 22%• Delek Logistics (DKL) 23.6%• CVR Refining (CVRR) 27.1%
Recently recommended winners
• Cedar Fair (FUN) 11.9% since 1/21/15• NuStar GP Holdings (NSH) 10% since 3/26/15• Blackstone Group (BX) 5.7% since 4/16/15
Fast Forward: Developing Themes
• Gas exports to Mexico
• LNG, LPG, diesel exports
• Petrochemicals boom
• Renewable energy
• Sponsors vs. partners
• Tax-driven mergers
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