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What Happened to MLPs?

The curious case of the sell-off in MLPs, FPA NexGen picks a new president-elect and Paul Newman’s watch sets an auction record.

Kudos to Simon Lack at SL Advisors for admitting the recent “violent” sell-off in energy infrastructure stocks has him stumped. He says many of his clients wanted to understand why Master Limited Partnerships, most of which are oil and gas pipelines and well liked by advisors for their pass-through structures and high yields, followed the price of oil down earlier in the year but failed to recover with the price of crude more recently. In fact, they moved in almost the opposite direction. “Many callers were looking for confirmation that they’re not missing something, so absent were compelling explanations,” he writes. Looking for a correlation between oil and the operating performance of infrastructure companies is “futile,” he admits, but until recently, the stocks moved in tandem. Tax changes? Macro long-term decline in oil demand? Tax harvesting? Lack suggests a change in the finance model of energy companies and growth investors taking the place of dividend seekers might be among the culprits. But that’s not satisfying to MLP investors.

Autumn Campbell Named 2018 President-Elect of FPA NexGen

Autumn Campbell

Autumn Campbell, a financial planner and former teacher, was elected the 2018 President-elect of FPA NexGen, a division of the Financial Planning Association, dedicated to planners under the age of 36. Campbell received her Certificate in Financial Planning from Southern Methodist University in 2016, specializing in financial life planning, education planning, debt management and cash flow planning. Prior to that, Campbell spent several years in education as an elementary school teacher and high school counselor. She currently works as a senior financial planning analyst at The Planning Center in New Orleans. “Community is an important aspect of the FPA experience for our members and FPA NexGen has played a central role in helping connect our younger members with their peers and the profession,” says 2017 FPA President Shannon Pike. “Autumn is a shining example of the passion and commitment our younger members have for FPA and the profession.”

Paul Newman’s Watch Sells for Auction Record

Paul Newman’s Rolex Daytona watch fetched $17.8 million at auction last week, a record for a wristwatch at auction. The watch, which was given to Newman by his wife, Joanne Woodward, has an engraved message on the back that reads: “Drive Carefully Me.” Newman gave it to his daughter’s college boyfriend, James Cox, in the 1980s. Bidding on the “quintessential banker watch”lasted 12 minutes with an anonymous phone buyer winning.

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