Professional investment portfolio management since 1974. CFA Charter (1981). Juris Doctor degree, Northwestern University School of Law (1965). Founder, current Chairman and CEO, Askari Equity Management LLC, successor corporation to RIA asset management proprietorship since 1974. "Semi-retired". Interested in consulting to small investment firms and to institutional clients. Very limited willingness to accept new accounts. Practiced corporate law in Chicago (1968-1982); including General Counsel to minority-enterprise Small Business Investment Company. Service on various Boards in Tucson, AZ (1980s-1990s) Peace Corps Volunteer, Kenya (1966-1967).
Long only (have never shorted anything), usually with 5+ year hold expectations. Mostly equities, though some distressed debt. Attracted to perceived deep value, or very out of favor investments. I usually like to buy things hitting 52 week lows, even if they are falling knives.
As of 2018: Overweight in publicly traded partnerships due to perception they trade at a discount due to tax complexity and the fact that I loaded the boat with MLPs when they crashed in early 2016. I also own some of the alternative asset manager LPs like Blackstone and Carlyle, as I believe it gives me access to their alternative asset classes in similar (but not identical) ways to their customers, with better terms.
I chose the handle "PipelineDancer" because the primary reason I'm on Seeking Alpha is for buying the kinds of stocks that I couldn't find in an index. That's primarily partnerships, which are primarily midstream assets. I'm just a guy who believes you have to be nimble and quick to pounce on opportunities when the market gives them to you (hence dancer), which can happen suddenly in retail investor controlled MLPs.
My preferences with MLPs: I prefer partnerships in industries that will thrive if the electrification of cars becomes the mainstream in 20 years, but I will invest in everything from coal to gas stations to refineries, if the yield on cost is such that I feel I'm compensated for the risk. It's a margin of safety issue. I strongly dislike IDRs (unless heavily compensated for) since I plan to hold for decades, and they are corrosive to long-term returns. Put together, and I think the smartest strategy is usually to own the GP if it's a K-1 and controls the IDRs.
At the risk of oversimplifying, my preference for types of MLP assets are as follows, and is primarily based on how I view these assets increasing or decreasing over multi-decade hold periods:
NGLs Pipes and Processing Plants > NG Pipes and Processing Plants > Crude Pipes > Refined Product > Storage Tanks/Terminals > Gas Stations/Distribution > Retail Propane > Coal
As of 5/25/2018, this is the list of PTPs (publicly traded partnerships) I own, sorted by the current value each position, from highest to lowest (This is NOT financial advice or a recommendation to buy/sell/hold anything, as I don't know you. Obviously, do your own thorough due diligence, as my purchase price, holding period and risk-tolerance are undoubtedly very different from yours. Just because it's on this list does not mean I would buy it again today, at current prices, or in the same quantities. I only post this list so you can have additional context to any posts that I may have made about various companies.):
(symbol, company name, my MLP category, K-1 if it issues K-1, and IDR if pays IDR to another entity)
ETP ===> Energy Transfer Partners LP ===> Natural Gas Midstream ===> K-1 IDR
GEL ===> Genesis Energy, L.P. ===> Offshore Pipelines & Chemicals ===> K-1
SEP ===> Spectra Energy Partners, LP ===> Natural Gas Midstream ===> K-1
CLMT ===> Calumet Specialty Products Partners, L.P ===> Specialty Oil Products ===> K-1 IDR
EPD ===> Enterprise Products Partners L.P. ===> NGL Midstream/Logistics ===> K-1
EQM ===> EQT Midstream Partners LP ===> NG Gathering - Marcellus Pureplay ===> K-1 IDR
NS ===> NuStar Energy L.P. ===> Refined Pipelines & Storage ===> K-1
HCLP ===> Hi-Crush Partners LP ===> Frac Sand ===> K-1 IDR
EMES ===> Emerge Energy Services LP ===> Frac Sand ===> K-1
USAC ===> Usa Compression Partners LP ===> Compression Services ===> K-1
SMLP ===> Summit Midstream Partners LP ===> NG Gathering & Processing ===> K-1 IDR
CEQP ===> Crestwood Equity Partners LP ===> NG Gathering & Processing ===> K-1
AHGP ===> Alliance Holdings GP, L.P. ===> Thermal Coal ===> K-1
BX ===> Blackstone Group LP ===> Asset Management - PE - Real Estate Focus ===> K-1
ARLP ===> Alliance Resource Partners, L.P. ===> Thermal Coal ===> K-1
CG ===> The Carlyle Group LP ===> Asset Managment - PE - Hedge Fund Focus ===> K-1
I used to believe I would never sell partnerships due to tax hassle, but over time I've learned that it's not quite as terrible as it seems. So sometimes I will take a position in a MLP because of it hitting new 52-week lows and an hour or two of due diligence, and then will do thorough reads of all SEC filings, years of SA articles and comments, and quarterly transcripts. In those cases, sometimes I will simply change my mind and exit the investment. This is obviously most likely if I either discover that the future cash flows aren't as promising as I'd expect, or if something changes in corporate direction where I grow uncomfortable. Sometimes I am moving from the GP to the LP or back again based on relative valuations. If you see a post from me on a site about an MLP that I state I purchased, and then it is no longer on this list, that is likely why. I will sometimes publicly post when I sell a position, often because I feel I've discovered something that I think would be useful for others, but often I won't publish it because longs sometimes characterize such posts as a short trying to drive down the price, and it's not particularly helpful. Here's a partial list of MLPs I've sold at some point, in no particular order (the stories behind each one are too long for a profile): NSH , PAA, NRP, OCIP, AMID, TCP, GLP, EQGP, CCLP, WGP, BKEP, ETE, KKR, NGL, SXCP, UAN, ALDW, OAK, TGP and EEP.
There are three resources I think that any serious MLP investor should read:
The first is the best blog on MLPs by a MLP fund manager who also manages private accounts, publishing just one short missive weekly, and is my absolute favorite thing to read each week, read over a cup of coffee each Sunday morning. I have no affiliation to him, but he has highly influenced the way I analyze and pick MLPS. Sign up to get an email every time he publishes. http://www.sl-advisors.com/blog/
The second is a free daily blog on the oil industry, published by energy consultants. It's a lot of information, and you clearly don't need to know it all to invest in MLPs. But if you've got 30 minutes a day to slowly expand your knowledge of the US oil industry and what's happening with all the assets, these guys are the best. Their free blog is terrific, although I would argue it's a bit too much information for those that are not full-time investors in energy or working in the industry. But for trying to make sense of what MLP assets are likely to appreciate over time versus depreciate, it can be priceless. Once again, perhaps sign up for daily emails, then read the ones you find most useful: https://rbnenergy.com/daily-energy-post
Lastly, this article on IDRs and why they can be bad (which shows how cash flows run into problems in an IDR vs. no IDR MLP), should be required reading of any MLP investor: http://mlpguy.com/archives/7219
And by the way, that blog is also a must read (#3). Although Hines publishes all his blog posts on SA as well as that site, simultaneously, so you can read them here as well. His weekly summaries of what happened in the MLP world are outstanding (often explaining news or why certain MLPs are selling off or gaining despite specific published news).
I'm an Army veteran and former energy dividend writer for The Motley Fool. My goal is to help all people learn how to harness the awesome power of dividend growth investing to achieve their financial dreams, and enrich their lives. With 22 years of investing experience, I've learned what works and more importantly, what doesn't, when it comes to building long-term wealth and income streams. I'm currently on an epic quest to build a broadly diversified, high-quality, high-yield dividend growth portfolio that:
1. Pays 5% to 6% yield
2. Offers 6% to 7% annual dividend growth
3. Pays dividends AT LEAST on a weekly, but preferably, daily basis
Seeking Alpha's product team is responsible for the development of all of our product-related projects from start to finish. These projects include the Seeking Alpha Portfolio apps on the App Store and Google Play, our Real Time email alert product, and optimization across the Seeking Alpha website.
The purpose of this profile is to allow us to share with our readers all new product developments. Please follow us on Seeking Alpha to receive updates. We look forward to your input and feedback!
SA Product Team
Investing for 20 years, emphasizing stock picking for the last ten. Long-only, driven by valuation relative to risk and growth prospects. My contrarian approach works well during periods of volatility, typically trailing market returns during bull runs.
I focus on investments in the renewable energy, oil & gas, and MLP sectors with an eye for dividend income growth and long-term capital appreciation. I typically allocate a portion of my own portfolio and devote some of my Seeking Alpha articles to small and medium sized companies offering compelling risk/reward propositions. I am an engineer, not a qualified investment advisor. While the information and data presented in my articles are obtained from company documents and/or sources believed to be reliable, they have not been independently verified. Therefore, I cannot guarantee its accuracy. I advise investors conduct their own research and consult a qualified investment advisor. I explicitly disclaim any liability that may arise from investment decisions you make based on my articles. Thanks for reading and I wish you much investment success.
Over 35 years of investing in individual stocks. Extensive business experience with small to mid-size companies, including as CEO. Many hundreds of blog posts on financial and economic matters since 2008. Focus on value with catalysts for upside price action; and biotech. Background as a physician and pharmaceutical inventor and entrepreneur.
Kevin was the CEO and founder of Blue Water Capital Advisors, which he sold and retired from in late 2017. He is now working on a book about natural history, and writing for Seeking Alpha. He was in the financial advisory business for 25 years. This was not his first career. He was a petroleum geologist and academic research scientist for 17 years before joining the financial industry. Kevin’s keen sense of risk-reward dynamics was developed during his geological career when he served as an exploration team leader and senior manager in the oil and gas exploration business. He drilled over 100 wells on his own geological interpretations and found millions of barrels of oil. This was a very high risk kind of business, and Kevin learned a great deal about how risk really works from his experiences in exploration geology. He was also an instructor at The University of New Hampshire and an Asst. Prof. at Bryn Mawr College for several years and has published 12 papers in international scientific journals and books. Highlights of Kevin’s geological career include surviving a violent well blowout, working as a consultant to Phillips Petroleum, Texaco, Exxon, and numerous independent firms, acting as a Principal Investigator on a dinosaur dig in Montana, working as a team member and lead author on paleoclimate research, diving Australia’s Great Barrier Reef, teaching and advising students, receiving numerous research awards and grants, and conducting funded scientific research on sedimentology, paleoceanography, paleoclimatology, geochemistry, and global plate tectonics. Kevin left his geology career when the global oil price collapse finally caught up to him in 1992. He went into the financial advising industry because his father had been a nationally-ranked leader in that field with a major national firm, so he felt comfortable with making the transition. Over the years he was awarded the Chartered Financial Consultant (ChFC) designation and completed about half of the coursework for a Master’s degree in Financial Services. Kevin served as a Trust Officer and Vice President for a major Midwestern regional bank for seven years, and served as a Senior Vice President at National Bank of Commerce in Duluth, MN for four years. He was a member and board member of the Arrowhead Estate Planning Council for a number of years. He has a refined sense of the big economic picture that is grounded in his ability to differentiate meaningful information from “noise,” as he once did while working in science and petroleum geology.
Jennifer's areas of expertise include energy trends —their economic and geopolitical implications—and resource sustainability issues. Other interests include shale oil and natural gas, climate change, green and efficient infrastructure, China, India, and the energy-water nexus.
Her work has been published in various academic, policy and business publications such as Far Eastern Economic Review, Economist Intelligence Unit’s Executive Briefing, Journal of Structured Finance, Lloyd's List, D CEO, Energy Trends Insider, Financial Sense, and many others. She has been interviewed for numerous radio broadcasts and news stories, and presented her work at various conferences. From Dec 2010 to April 2013, she was the CEO/President of a global affairs organization focused on cutting edge trends. She organized and moderated panels on global gas, energy security, energy infrastructure finance, and urban development.
She has a master's degree from London School of Economics, and bachelor's in finance/marketing. She is principal of Concept Elemental, a strategic communications consultancy focusing on knowledge work, and includes over fifteen years of financial services industry work. She works with a top University, "translating" cutting edge research as well.
No surprise: The Hedged Economist is an economist. I’ve been at it for more years than I like to admit. If one leaves graduate school with a degree in economics, there are really only three options short of abandoning the degree and starting over. The options are: “doing” economics, telling people about economics, and applying it to your own affairs. I’ve done all three.
Currently, my focus is on applying economics to my own affairs especially financial management. That isn’t new, but my blog (hedgedeconomist.com) represents a departure. Traditionally I have avoided giving other than the broadest advice regarding personal finance, especially investing. It doesn’t take behavioral economics research or financial neurology to know people believe that they are responsible for their own financial success but fail because of bad advice. I also kept my opinions on policy to myself. People prefer confirming information, another startling discovery of behavioral economics; imagine that; people prefer “yes” men. So, given little upside and all the downside, a perversely asymmetric set of returns (that’s economist speak for a bad bet), I’ve stuck to my own affairs. But, increasingly, I get asked for my opinion, thus the blog.
It’s a shame, really, that much of what is offered here – at no charge – is not taught in the public schools. Why is it that you can graduate in the top of your high school class and know next to nothing about credit card debt, adjustable-rate mortgages, or 401(k)s?
Founded in 1999, the goal of Investment U is to give you impartial, no-nonsense advice on how to build long-lasting wealth.
Our mission is to analyze and discuss all the important financial tools at your disposal. And to make sure, too, that you use them effectively to jump-start your net worth, cut your investment costs dramatically, reduce your risk profile and, most importantly, achieve and maintain total financial independence.
It’s the latter point that is truly our goal here at Investment U. Because no one has the opportunity to live his life fully if he’s a slave to his job, his financial obligations, or his overhead. Or, worse, if he’s worried he won’t be able to maintain a comfortable retirement… or leave behind some kind of legacy.
The essential truth of modern economic life is that money gives you choices. Chief among these is the opportunity to do what you want, where you want, with whom you want. That’s what financial freedom is all about.
It’s too bad we don’t discover this at a younger age. But then, it’s never too late to start learning… or to finish our investment education.
Over time, the insights and analyses offered by Investment U – delivered daily in our e-letter – can make a dramatic difference in any investor’s net worth and financial security. And you can hardly beat the price…
After all, it’s free and you’ll receive this Free report: Why It’s “Mayday” For the Euro… And What You Should Do. Please visit: www.investmentu.com.
Disclaimer: Money Morning and Stansberry & Associates Investment Research are separate companies, and entirely distinct. Their only common thread is a shared parent company, Agora Inc. Agora Inc. was named in the suit by the SEC and was exonerated by the court, and thus dropped from the case. Stansberry & Associates was found civilly liable for a matter that dealt with one writer’s report on a company. The action was not a criminal matter. The case is still on appeal, and no final decision has been made.
Individual investor focused upon a limited number of diversified stocks. Seeks stocks selling below fair value; favors dividend growth. Advocates fundamental investment analysis, supplemented by the technical charts. Options strategies primarily employed to generate additional income or hedge risk.
To follow me click the "Follow" button! (Easy right?)
Kumquat Research is a college student and fund manager who has been investing for 6 years. He writes mostly about the technology sector and about event-driven and momentum opportunities across various industries and sectors. He is currently studying for degrees in both finance and computer science at the University of Maryland. Some of his interests include technology, programming, drumming, video games (developing and playing) and astronomy. Articles written and comments posted by Kumquat Research are NOT financial or investment advice, and only express his opinion. Do your own due diligence!
I am a medical professional, but I have been studying investing for many years so that I can control my own portfolio. DGI seems to be the best way for me to invest for my retirement while being able to sleep at night.
I have also been successfully trading cash secured puts for extra income. I share my experience on my websites, Tradingcsps.com and my blog Tradingputs.com.
Institutional investment manager authoring on a variety of topics that pique my interest, and could further discourse in this online community. I hold an MBA from the University of Chicago, and have earned the CFA designation.
My articles may contain statements and projections that are forward-looking in nature, and therefore inherently subject to numerous risks, uncertainties and assumptions. While my articles focus on generating long-term risk-adjusted returns, investment decisions necessarily involve the risk of loss of principal. Individual investor circumstances vary significantly, and information gleaned from my articles should be applied to your own unique investment situation, objectives, risk tolerance, and investment horizon.
David J. Waldron is a Seeking Alpha award-winning author.
David actively conducts research and manages investments for his family portfolio in real-time, then publishes the results for his Marketplace subscribers as the Main Street Value Investor Large-Cap Total Return (MSVI-LC), Small-Cap Total Return (MSVI-SC), Dividend Income (MSVI-DI), and Passive Index ETF (MSVI-PI) model portfolios. MSVI is for everyday investors seeking value-oriented strategies designed to help them grow and preserve wealth or income to finance the significant milestones in life.
David was awarded a B.S. in Business Studies from Stockton University and completed the Practice of Management Program at Brown University. He and his wife, Suzan, live near Harrisburg, Pennsylvania USA.
Retired, late 50's
Hold CFP designation. Passed CFP exam Nov 2000
Author of "IRA: A Quck Reference Guide". Available on Amazon as an e-book.
Author of "Retirement Investing for INCOME ONLY: How to invest for relaible income in Retirement ONLY from Dividends"
I am a financial writer, publisher, and New York Times bestselling-author. Each week, nearly a million readers around the world receive my Thoughts From the Frontline free investment newsletter. My most recent book is Code Red: How to Protect Your Savings from the Coming Crisis. I appear regularly on CNBC and Bloomberg TV. I’m also Chairman of Mauldin Economics, a research group that provides monthly analysis and recommendations to thousands of readers around the world. I was previously CEO of the American Bureau of Economic Research. Today I am President of the investment advisory firm Millennium Wave Advisors, LLC. I am also president and registered principal of Millennium Wave Securities, LLC a FINRA and SIPC registered broker dealer. When I’m not traveling to speak at conferences and events, I live in Dallas, TX. I’m also the proud father of seven children.
The Investment Strategist was initially started to guide DIY investors on Seeking Alpha to take a more strategic approach to investing than purely individual stock selection. My philosophy is that portfolio management is similar to cooking a gourmet meal, where the combination of ingredients, in their respective proportions, is better than an abundance of any one ingredient (or stock).
After years of evaluating portfolios, it was evident that many investors put together a smorgasbord of ideas without regard to how they fit together or move together, creating very inefficient and risky portfolios. In addition, most US investors are guilty of familiarity bias, and their portfolios are primarily invested in well-known stocks of US companies, while international equities and more obscure asset classes, like emerging market debt, remain absent from portfolios. T
While the Investment Strategist does provide individual stock ideas to cater to the Seeking Alpha reader, I try to put the ideas into context so that readers can invest using a broader perspective on how an individual stock fits into their portfolio.
My RIA offers wealth advisory services to UHNW investors, Aspiring HNW investors, Small Business Owners, and PreRetirees. We also provide investment strategy and research services to small and mid-sized investment advisors, including portfolio advisory, equity and fund analysis, and due diligence on alternative assets such as hedge funds, private equity, and real estate.
Alex Pettee, CFA. President & Portfolio Manager.
Hoya Capital Real Estate is a Connecticut-based Registered Investment Advisor that focuses on research of the commercial real estate industry, and advisory of well-balanced public real estate equity portfolios. All of our research is for educational purpose only, always provided free of charge exclusively on Seeking Alpha. Recommendations and commentary are purely theoretical and not intended as investment advice. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed.
Bachelor of Science in Nuclear Engineering from University of Michigan - 1981
Master of Science in Environmental Engineering from Washington State University - 1997
33 year career in nuclear engineering, nuclear facility construction, US government contracting, DOE weapons complex decontamination and decommissioning, DOD contingency response and forward operating base design and construction.
Avid investor for more than 30 years, 25 years of that time with the Vanguard Group.
Married with one 16 year old son.
Jussi Askola is a former private equity real estate investor with experience working in Europe and the USA. Recently, Jussi worked for a private equity firm in Dallas, Texas and earlier performed property acquisition in Germany. Jussi is also the lead REIT analyst at High Dividend Opportunities (HDO), the #1 ranked dividend research service on Seeking Alpha featuring Jussi's best investment ideas.
In addition to being a CFA Level III candidate, Jussi holds a B.Sc. in Real Estate Finance from University Nürtingen-Geislingen (Germany) and a B.Sc. Construction and Property Management from University of South Wales (UK).
For business proposals, email me at: firstname.lastname@example.org
DISCLAIMER: Jussi Askola is not a Registered Investment Advisor or Financial Planner. The Information in his articles and his comments on SeekingAlpha.com or elsewhere is provided for information purposes only. Do your own research or seek the advice of a qualified professional. You are responsible for your own investment decisions.
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 Midstream companies, including Master Limited Partnerships (MLPs), within a larger infrastructure investment team.
Jeff is the President of NewArc Investments Inc., manager of both individual and institutional investments. Jeff is a registered investment advisor, and portfolio manager for NewArc's investment programs. Jeff is a former college professor with a hands-on, real world attitude. His quantitative modeling helped inform state and local officials in Wisconsin for more than a decade. A Public Policy analyst, he taught advanced research methods at the University of Wisconsin, and analyzed many issues related to state tax policy. Jeff began in the financial business as Research Director for trading firm at the Chicago Board Options Exchange. He investigated anomalies in the standard option pricing models, taught classes for beginning options traders, and developed new forecasting techniques. In 1991 he established a general research consultancy, working with professional traders at all of the Chicago financial exchanges. In 1998 he started NewArc Investments, Inc. Jeff has a commitment to the specific needs of individual investors. It is not a one-size-fits all approach, but one that emphasizes the unique circumstances of each client. Jeff also serves on the board of two small technology companies (currently Chairman at one). He is occasionally as an expert witness in legal cases involving financial markets and hedging.