and sooner or later.... interest rates will rise.. and dogs like CQP and ETP that don't ever increase their distribution will fall further and faster than the MLP group as a whole...
And don't tell me it will be different this time... because it never is
and CQP certainly has "out performed" since its recent secondary... best example of dead money I ever saw because numerous further secondaries are necessary... which will all be done at lower value having a greater dilutive effect... and when the equity drops by 15-20% on a secondary... that 8% distribution isn't keeping anyone's head above water....maybe you should get all giggly because the yield increases every time the equity drops
LNGs only value is in CQP... and as CQP declines so will LNG regardless of hype... every unit of dilution at CQP makes LNGs ownership and share of the revenue stream that much smaller
and as discussed on many a MLP board..... sustainability of distributions is a key metric... dilutive secondaries only make it that much more difficult to sustain a distribution let alone increase it every Q as a MLP should be doing