Morehead: Midstream MLPs Offered 3-4x to 12-14x EBITDA Arbitrage
David Morehead · David Morehead – Top Down Allocation at Baylor (EP.381) · Apr 22, 2024 · at 23:21
David Morehead, CIO of Baylor University's endowment, explains how Baylor exploited valuation differentials between private and public energy markets.
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“So, 10 years ago, there was a private public ARB in the MLP space. You could cobble together the MLP Greenfield at three, four times EBITDA, and then you could sell it to the public markets at 12 or 14 times EBITDA.”
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