The Energy Report: John, falling commodity prices are a symptom of our ailing macroeconomic health today, but master limited partnerships (MLPs) are supposed to be defensive vehicles. Do they still offer protection in these tough markets?
John Edwards: They are still defensive vehicles. But, to be clear, while MLPs generally do not have direct commodity exposure, there are some subsectors that do have direct commodity exposure.
TER: You must be talking about the upstream partners, which have direct commodity-price exposure.
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