I hear you, Pete. And there's clearly merit to your links.
But there's something missing:
Winter slows things down substantially when it comes to using gasoline. And the MLPs are driven by gasoline consumption.
That said, I think we can count on having a Winter this year. And it's a shoo-in that gas usage will drop. And the drop will translate into poorer distributions. And that will have many investors realizing they were short-sighted when pouring into MLPs as they face the fact that they bought while entering the slow part of the earnings cycle.
I'm also thinking that even if the MLPs were to retain present valuation levels, there will still be plenty of room for significant gains if we jump on the bandwagon before distribution hunters climb on. Time and again there have been fine gains to be enjoyed. I see no reason to expect otherwise. There's a caveat:
An investor in these vehicles must be nimble enough to move in and out as needed. This is definitely not a buy-and-hold situation as there are no guarantees. There aren't for the nimble trader, either, but at least trader recognizes the importance of staying informed every step of the way, keeping a trigger finger in ready position.
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