The physical and digital universes have something in common: sheer size with respect to volumes that are so large that they require special measurement units. Once one gets used to these new dimensions, concepts like “large” and “small” take on new meaning.

Over the last few years, the spectacular rise and subsequent fall in asset prices for Bitcoin, pot stocks, high-end real estate and cash-burning companies have proven that the line between “in-favor” and “out-of-favor” is very thin and can evaporate almost instantly. One currently “out-of-favor” asset class that we have been particularly fond of is Master Limited Partnerships (MLPs) – the tax-advantaged, high-yielding oil, natural gas, or refined product pipeline businesses.