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Breitburn Energy Partners LP Message Board

  • irbbping irbbping May 14, 2011 8:20 PM Flag


    what was the last UBTI per share on the k-1 if any ?

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    • Yes, I have also sold some puts on a small number of MLPs in which I don't have a position and which I wouldn't mind taking delivery of the shares. I'm not planning to cover those.

      However we were referring to my recent strategy of selling LOTS (I means LOTS) of ootm puts purely for income with no plan to own the shares. I made ~$70k in 5 months doing that, all of which got invested in high yield MLPs and trusts. With the current volatility that became too risky so I have been covering my June and July puts (hardly have any beyond July). I'm covering the June and July's mostly for around what I sold them for so am forgo-ing any profits from those months. However it looks as though I will be able to keep all my previous 5 months options gains. Took advantage of today's rally to cover some more and now have covered ~60% of the short puts I had at the start of this correction. If the market stabilizes for a few weeks I should be able to exit most of the rest over the next few weeks as the time premium decays. Once the rest are covered I'm taking a break until August or so...several reasons: wait till the debt ceiling thing is resolved, possible summer slowdown in the economy, and going on vacation for couple of weeks in July/August and wouldn't want to be short a bunch of options and have no access to the internet. Only liquidating my options positions though, not selling any of my MLP holdings. Once back from vacation in August will re-evaluate market conditions and potentially start again selling September puts. I want to keep doing it until I have enough gains to use up all my capital losses left over from 2008. Until then the income is all tax free but at that point, I'll quit selling options as 40% of the premiums would be taxed and not worth the risk.

    • it's different for everyone. Depends on purchase price, holding period, etc.

    • see investor village mlp board for a total view of recent ubti results on mlp's

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