Never claimed to be a professional money manger. I said I managed money for several family members and averaged incredibly excellent returns, primarily from being invested in heavily in midstream MLPs and GPs back in the early 2000's time frame.
Made a killing on a lot of them (i.e. 3 baggers, 4 baggers, 5 baggers etc) on names like Kinder Morgan Inc (the first incarnation), Kaneb Services (KSL, the GP of KPP, both of which were bought out by Valero LP and late became NuStar), Markwest Hydrocarbon, Crosstex Inc. Also owned PLX (they owned 44% of the GP of PAA and was one of the first pure play GPs before Paul Allen and Vulcan Capital took them private).I regularly attended the PLX annual meetings and met both Jim Flores and John T. Raymond (son of Lee Raymond). Plains owned the Sunniland Trend oil properties that were eventually sold to Breitburn. I spoke with Breitburn management about a year ago because it occurred to me that while those properties were in PLX's stable, Flores and Raymond paid Netherland and Sewell to do a reservoir study to see if any of the depleted reservoirs could be turned into gas storage, which was in short supply in Florida. They wer going to with what at the time was NUI and build an East-West pipeline across Florida and connect the reservoirs. The buyout happened before anything could materialize, with Flores focusing on PXP which held the bulk of the original Plains assets (the Sunniland Trend assets were kept at PLX for tax purproses). Raymond went his separate way and now runs a private midstream shop focused heavily on the Utica (partnered with MWE).
We cleaned up on the first wave of mergers and buyouts. When MGG was taken out by MMP, we cleaned up. When BPL took out BGH, we cleaned up. When NRGY took out NRGM, we cleaned up. When EPD took out EPE, we cleaned up. When EPD took out DEP we cleaned up.When WPZ bought out WMZ we cleaned up. When MWE took out MWP, we cleaned up. We did well when Oneok bought the remaining bits of the GP of NBP from Williams and CrossCountry (formerly Enron) and they did the monster drop down to NBP and changed the name.
We are collecting annual distributions that amount to, in some cases, 40% of our original buy price.
By all means, ridicule all you want. I never professed to be a "professional" money manager..but I've also managed to achieve returns far in excess what the market returns through good and bad markets for the last 12 or 13 years.
Oh and for the record, I'm a conservative...never voted for a liberal/progressive or Democrat ever. Sorry to disappoint you since you want to paint all of us as liberals, but the truth is, I think Obama wants to destroy America. His awkward upbringing without a strong father figure, growing up in Islamic Phillipines, not knowing what group he fit in due to his mixed race has given him a very warped view on America. His views on economic justice are startling. I personally believe he wants America to spend itseld into oblivion such that when the time comes, those with money will be forced to pay huge taxes. But since this is an investment board and not a political forum, I'll refrain from discussing his problems any further.
"Never claimed to be a professional money manger. I said I managed money for several family members and averaged incredibly excellent returns, primarily from being invested in heavily in midstream MLPs and GPs back in the early 2000's time frame. "
Caliban it is time to repent your foolishness in public.
Back fitting data is simply childish and so you would have been better to learn your full part. You are not redeemed for your public foolishness - only you can do that yourself.
Excellent explanation rrb. He likes to throw everyone into a single class. As you can tell norris likes to take things way out of context by twisting what you said about managing money for a few others. Oh yes a very nice job as well.