If some people choose not to invest in a particular master limited partnership because the underlying energy holding contains too much debt, I don’t blame them. That is sound investment analysis! If others don’t invest in an MLP because they invest through IRA accounts and they do not want to deal with the specialty rules that exist for IRAs that generate more than $1,000 in unrelated business tax income (UBTI), I understand and agree. And if some people just plain don’t understand this class of investments, that’s a fantastic reason to avoid MLP investments (sticking to your circle of competence and not straying is a properly well-regarded Warren Buffett quip, so long as … Read the rest of this article!
When I read the biographies of America’s most famous self-made men and titans of industry, there is one character trait that seems to always be a common denominator that they all share: an unrelenting focus to make something great, and from there, an ability to monetize that passion into obscene wealth. John Rockefeller was no exception. When asked by a journalist to articulate the purpose of his life, Rockefeller answered, “God put me here to make money.”
When he created the Standard Oil trust at just thirty-one years of age, he had one mission regarding the fragmented oil industry in the United States: combine everything under the Standard Oil umbrella. To accomplish this … Read the rest of this article!