Northern Tier Energy LP (NTI)

[jugs]

Positive attitudes are always welcome and yours is certainly that.

Our MLPs have been sticky of late---with high valuations lasting longer than I expected. We've long grown accustomed to seeing prices drop immediately following their going ex yet we're witnessing the reverse of that, time and again. I saw it in CVRR, ALDW, NTI and now---SDLP ,and JPEP. I did hold JPEP through to going ex and selling on the ex-morning but have no positions in any of this group. I'm sitting on enough cash, ready to play but now await a dynamic change in valuations. Nevertheless, I can see it would have been better had I not sold so quickly.

Then again, I got high dollars when selling my NTI, considerably more than I'd have gotten over the past few weeks, had I delayed selling. I don't subtract the effect of distributions received as it would feel like I'd be financing losses sustained after the pick goes ex. What's done is done where I'm concerned and mark-to-market rules.

Still, we don't know how your NTI units will fare as we recognize adjustments may have to be made due to the unpredictability of this market. I'm hoping you come out well as you've long accepted risks with the exception of the tender which we couldn't have foreseen.