Can you imagine how bad ETP would be without great debt pricing
ETP has such stable assets they are always able to raise debt at some of the best rates in the MLP industry...... if they couldn't they would be in the same boat as NS. However, the ability to raise debt at reasonable prices cannot compensate for bad management and bad decisions and that is why ETP has been dead money for over four years while so many in their peer group have doubled and split their shares.
Only on a Yahoo message board could someone say that a 20% increase in unit price over the last four years and a yearly 7% yield is "dead money". It shows how many very poor investors there are out there.
ETP's share price is approximately the same level it sold for in EARLY 2008, before the Lehman Crash market. That is about 5.5 years. It has steadily paid its distribution through thick and thin since.
The company has dramatically transformed itself, however, during that time, significantly improving its business mix.
"a 20% increase in unit price over the last four years"
Well the Alerian MLP index has quadrupled over the last 5 years. Almost everything doubled in price or more since the financial crisis so 20% over 4 years is not impressive even if true (I didn't check the chart). In fact, the performance you quoted lags the performance of the Alerian MLP index by a mile. So I guess if you think lagging the relevant index means you are a great investor...