"You were a Johnny come lately."
Johnny come lately? If you think that, you are clearly the Johnny Come lately around here as I have been one of the most prolific posters on all the MLP boards for many years and just about everyone on the MLP boards knows it..
I've been invested in MLPs for many years and have several million $ invested in the sector.
I'd be willing to bet I have more knowledge on them than you.
As for buying MLPs when they were disasters (assuming you mean 2008-9) you are really proving my point. That was a great time to buy when everything was collapsing (I was buying heavily then too). In contrast the refineries are at the top of their boom cycle and current distributions will not be sustained.
In 2008-9, yields were high because the financial system was on the brink of collapse and everything was being liquidated indiscriminately. By contrast the current very high yields on the new refiner MLPs are due to current payouts being unsustainable and also to compensate for much higher risk than the traditional MLPs (these are single plant companies and one big fire - quite common in refineries - and the distribution gets cut to zero for an indefinite period and the unit price drops maybe 75%). That's why they have a very high yield.