Northern Tier Energy LP (NTI)

[jugs]

All companies suffer from the dirty laundry syndrome. And they manage to survive---not because of the laundry but because of their resilience. Business success is all about operational smarts that produce positive cash flow. If we look for negatives, we'll invariably find them. But why not focus on opportunity to succeed? Let your stock picks reflect your courage to stand firm with things you can reach out and touch because you understand how the program works. If you know what this company is all about, if you've explored and studied their roots prior to opting to form the MLP as we know it to be today---and if you have the guts to commit to your own personal deductions---then the process becomes far easier.

This is far and away my largest security. I believe I know the circumstances surrounding likely gains and possible write-downs, too. On sum, I see much to be gained through stock participation. I see no point in belaboring whether to buy in or hold out.

As for waiting---if you subtract the end of month payout from today's closing price per unit---the cost seems to be extremely reasonable to me. At the same time, I believe strongly that units will fetch a far higher price soon enough, assuming the investment community comes to recognize units are deeply under-priced. Add it up and move in step with your comfort zone.

Jugs