complex question...make sure you understand this is NOT a stock...it is a partnership (Master Limited Partnership).

Still...you basic point is well taken. How could have MWE hit the 6s last winter with the DCF (distributable cash flow) it had? Sheer madness; the market was crazed beyond belief last fall. Obviously some folks did very, very well with MWE since then, and IMHO it didn't take a rocket scientist to see it coming. What it took was cash to invest, which was darn hard for a lot of folks to come up with in the blood bath of the fall.

When it hit $6.55 in Dec., the distribution had just gone up to $0.64/quarter (raised in October). So just using $.64*4 to get an annual run rate of $2.56/yr, MWE's indicated yield at that time was 39%.

I readily admit I've been MWE investor for a while (bought in 03)and have been very impressed by Frank Semple's management, but when it dropped to that 39% yield low I was amazed...the market was simply saying "we don't think they will make it at all".

It is absolutely no surprise to me that since then MWE has nearly quadruped...the distribution alone would do that.