Murchie avoids MLPs whose reported earnings don't exceed their dividends--even though industry executives protest that earnings mean less than cash flow, or earnings before depreciation and other noncash charges.
Some say the lesson of the past few years is that you can't have a truly free global capital market without recurrent crises - because the free flow of capital inevitably leads to massive imbalances, and massive imbalances inevitably mean big crises when they get unwound (see my blog from 21 December).