Core Viewpoint - The article discusses the midstream energy sector, specifically focusing on the Alerian MLP ETF (AMLP) and its comparison to the MLPX ETF, indicating that not much has changed since the last coverage in February of the previous year [1] Group 1: Investment Strategy - The author emphasizes a macro-oriented and data-driven investment approach, highlighting the importance of connecting overlooked dots in the market [1] - The investment philosophy includes holding concentrated, asymmetrical, and high-conviction positions while managing risk through disciplined position sizing [1] - The article references a quote from Howard Marks about the necessity of holding idiosyncratic positions for successful investing [1] Group 2: Market Insights - The author is on a quest to identify narrative trends before they become mainstream, a process referred to as the hunt for information alpha [1] - Historical context is provided through a quote from Timothy Snyder, suggesting that history serves as a guide rather than a repetitive cycle [1]