The past five years have been a golden age for energy-focused master limited partnerships (MLP). Fueled by access to inexpensive capital, elevated oil prices and rising demand for infrastructure to support the US energy renaissance, MLPs have posted impressive distribution growth and delivered huge returns since the bull-market rally began in spring 2009. However, past performance isn't predictive of future results. And with many MLPs trading at sky-high valuations, investors will need to be selective and avoid value traps.
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