Northern Tier Energy LP (NTI)

[jugs]

That's humble of you, Pete. Much appreciated.

I wound up getting $27.35 for NTI but I had to trade very carefully---read that as "gingerly." But the real gain I measure is that the cash enabled me to move into picks like SDLP and JPEP, LADR and MDR---and all have prospered, SDLP and JPEP have since been closed out.

For me, the moral of the story isn't how much I made or lost on a pick, it's all in how the aftermath adds up. A good exit highlights the real value of the pick and related transactions.

To you, Pete, I'm thinking you're going to come out of the NTI/WNR debacle very well because you understand all this stuff and are always very careful to place your funds where the end result is most likely to become a fine one.