Energy-related master limited partnerships ((MLPs)) have completed an unprecedented 18 initial public offerings ((IPOs)) thus far in 2013, bringing the universe of publicly traded partnerships to an all-time high.
Although 2013 will go down as a record year for IPOs in the MLP space, the quality of these new offerings varies widely. Many of these names operate in familiar segments of the oil and gas industry, but their underlying assets leave a lot to be desired.
In the past, investing in fledgling publicly traded partnerships has proven to be a winning proposition and an opportunity to find value when the market bids stock prices up to frothy levels. However, investors should be forewarned selectivity is critical to this strategy's success....
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