The SA article pulls things together fairly well although it fails to adequately address MLP vulnerability to altering fundamentals of which the crack spread is certainly a leading indicator. Nor is attention given to differences in yield and/or income stability.
Looking back, I guess I think it's a pretty poor piece.
As for stating that ALDW and CVRR are not liked as much, most of us seem to feel similarly as our NTI positions are greater than those in the other two. However, to say that neither should be purchased until there's a pullback? who among us would be stupid enough to not know that? By the same token, I'll bet you that not a single one of us board regulars is adding NTI these days, given the obvious uncertainty brought on by WNR coupled with the significantly elevated unit price resulting from the WNR proposal.
Your thoughts? I hope everyone will chime in on this as it affects the lives and livelihood of every one of us.
Thanks!
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