<<<MLPs are paralleling reits in terms of their development as an asset class coming into great demand. >>
I don't know if I really like that fact or not.
If more people and institutions pile into MLPs for the yield, more than likely a bubble will inflate leading to greater volatility and price swings. And just like in other equities, a "miss" in a quarter will see a rout of unit prices.
I know many of us are in for the long haul, but it would become more tempting to trade MLPs if the unit prices move up substantially over shorter periods and lead to excessive valuations.
I'd just as soon that MLPs stay "boring" and off the radar of most investors...and if CEFs and ETFs are seeing great volume increases then they could be buying AND selling large blocks leading these underlying MLPs on a higher beta rollercoaster than historical norms.