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Hinds Howard
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I serve as the senior MLP research analyst for CBRE Clarion Securities, a global asset management firm based in Radnor, PA. My primary focus is on investing in Master Limited Partnerships (MLPs) within a larger infrastructure investment team.
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CBRE Clarion Securities
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  • Week Thoughts: Flat MLPs Outshine Gold 0 comments
    Dec 19, 2011 8:14 AM | about stocks: MWE

    MLPs finished flat and near the highs of the week simultaneously, again serving as a safe haven in a difficult market for equities, treasury strength and dropping yields probably helped MLPs outperform.  The theme of the second half of the year (and a previous title for one of my weekly posts) fits this week as well: flat can feel pretty great.  With the equity hose likely shut off for the remainder of the year, seems like a relief rally for MLPs may happen next week just to celebrate a week without drowning in paper.

    The broader market (S&P 500) was off this week 2.8%, after 2 straight slightly positive days to finish the week.  There were some positive signs out of Europe and yields dropped for European bonds.  Domestically, initial unemployment claims fell to 366k, lowest since May 2008 (people have stopped firing people, maybe no one left to fire?), refinancings are rising (according to MBA), and treasury auctions saw strong demand.  The Fed and the European Central Bank did not hit the print button this week, which may have had something to do with the big story of the week: gold's break below its 200 day average.  GLD finished the week down 6.7% after a rally Friday of more than 3%.

    This week was the second $1.0 billion plus equity week in a row, with MWE's massive equity offering accounting for more than half of the total equity raised.  It was the busiest combined two weeks of this record year for MLP equity issuance.  Its worth noting that each of the last two weeks was smaller than the most active week of the quarter, which occurred in early November after the market bounced hard in October and management teams seemed to be tripping over themselves to get equity done before stocks dropped again.....  Read the rest of the post here.

    Stocks: MWE
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