Look forward to your post on CEFs analysis. The question on MLPs was linked by the following sort of thought – In the case of funds, it is sometimes interesting to try and calculate a historical total return at NAV and compare that, if possible, to some appropriate benchmark of similar returns. An MLP is a single company, so it clearly has a lot more variability and idiosyncratic issues. But one way to think about both analyzing mgmt. effectiveness and assessing the extent to which they are either over or under depreciating stated assets would be to try and build a similar historical profile of “total intrinsic return” made up of dividend plus tangible book value and compare that to a benchmark built out of other companies in the same industry.