Natural Resources >> Analyst Interviews >> April 18, 2013

U.S. Oil and Gas Royalty Trusts Require a Cautious Investment Strategy

Bellamy, Ethan H.
Ethan H. Bellamy is Senior Research Analyst, Master Limited Partnerships of Robert W. Baird & Co. Incorporated. Mr. Bellamy is Baird’s Senior Analyst covering Master Limited Partnerships — MLPs. Prior to joining Baird in 2010, he was a sellside analyst at Wunderlich Securities in Denver for two years. Prior to rejoining sellside research, he worked on the buy side as the Director of Research for the Lehman Brothers MLP Opportunity Funds in Lehman Private Equity in Houston, Texas. Prior to joining Lehman, Mr. Bellamy covered MLPs at Stifel Nicolaus as a senior analyst. He began his career at Stifel covering cable and media equities out of Denver. Mr. Bellamy was the number-two stock-picker in the U.S. in 2010 in the StarMine/Financial Times annual survey. He was the number-one stock-picker in the oil, gas and consumable fuels sector in the 2009 survey. Mr. Bellamy holds a B.A. from Clemson University and an M.A. from the University of Colorado-Boulder. Profile
TWST: You cover both MLPs and royalty trusts. Would you start by talking a little bit about how the two types of investments compare? What similarities and differences are important to point