2013年全美研究团队：硕士有限伙伴关系，第3号：Michael Blum

迈克尔布鲁姆井法龙证券将一个职位推进第三名。“没有人涵盖大量有限的合作伙伴关系，像迈克一样彻底地彻底，”一位投资者赞同。分析师在该部门总体上积极，引用了美国页岩繁荣促进的额外基础设施的持续需求。“You have all this new supply that’s emerging in areas that don’t have enough infrastructure, and the MLPs have been the primary players in the market building that infrastructure,” explains Blum, who adds that he’s forecasting 5 to 7 percent annual distribution increases for several years as a result. Also, MLPs “still offer one of the most attractive yields of any asset class out there, along with the significant tax benefits of owning them,” he believes, even if interest rates do rise over the next few years. His recommendations include fee-based MLPs with above-average, multiyear expansion profiles that combine low-risk cash flow with very high growth. Examples include Pittsburgh-based EQT Midstream Partners and Houston’s Genesis Energy. Blum also favors publicly traded general partners, such as Pittsburgh’s Atlas Energy and Energy Transfer Equity of Dallas, that have “very high growth in their distribution, plus the upside potential around transactions or restructurings at the MLP level that typically greatly benefit the general partner,” he maintains. —Carolyn Koo.