Plains All American Pipeline (PAA) is a high-yield (11.4%) Master Limited Partnership (MLP) that has declined more than 50% in the last year. We believe the market has overreacted to energy price fears and isn’t giving Plains enough credit for its high level of energy price agnostic fee business, the credit worthiness of its counterparties, and the fact that it is currently well capitalized. We believe it has significant price appreciation potential, it will continue to pay attractive distributions, and it could be a valuable addition to the higher risk portion of a diversified income-focused portfolio.