LAST DAY OF 2006...A VERY GOOD YEAR FOR MLPS..

The AMZ MLP index began the year at 241.04 and sits this morning at 283.66 or a nearly 20% gain not including those handsome distributions...so total return for the year based on the index is 25% or higher as we continue to outperform just about every other standard market measure. We did well this year for sure and at least peaking ahead into 2007 there is no reason why the outperformance can't continue in the face of steady to falling 10 year rates coupled with distribution increases.

Meanwhile this morning there is absolutely no corporate news and no upgrades or downgrades to deal with. So the question for the day is what effect year end mark ups and mark downs will have on closing prices and if there is any money to be made on year end distortions. I will be watching carefully and will post anything noteworthy.