Roger S. Conrad

The Bull Market turns 5 years old this weekend. That’s the average age most rallies have come apart, including the previous decade’s run that ended with the 2008 crash.

Happily, there’s plenty of differences between now and then. Consumers, businesses and even governments are far less leveraged. The global economy isn’t close to overheating. The US dollar is the hot commodity. And there’s still a wall of worry to climb, judging from the popularity of bear arguments on almost any subject.

It's undeniable, however, that real values are harder to come by. That's especially true for dividend-paying stocks. And though still nowhere close to 2007 levels, investors’ appetite for risk has grown. That includes piling into popular fare that have already scored big gains, as well as piling on with short sales of battered stocks.

In recent months, we’ve scored hefty profits in several unloved Aggressive Income Portfolio holdings that squeezed heavy short interest by posting better-than-expected results. That includes ENEL SPA (Italy: ENEL, OTC: ENLAY), which I’m taking a roughly 60 percent profit on in 7 months.

Kinder Morgan Energy Partners LP (NYSE: KMP) doesn't understate the maintenance capital expenditures in its natural-gas pipeline segment.

Only two Portfolio holdings have yet to turn in earnings this reporting season. Aggressive Holding ENEL SPA (Italy: ENEL, OTC: ENLAY) will unveil its fourth quarter 2013 numbers on March 11. Conservative Holding Piedmont Natural Gas (NYSE: PNY) releases its first quarter fiscal 2014 results on March 7.

The massive loss T-Mobile USA (NSDQ: TMUS) reported this week hasn’t slowed the hyperactive tweeting of its CEO John Legere. Nor apparently has the news scared off his groupies on Wall Street, though that may have more to do with continuing takeover speculation.

Nothing has changed since we first responded to Hedgeye Risk Management’s attack on Kinder Morgan Energy Partners LP (NYSE: KMP)--except that these views appeared in Barron’s, a magazine widely read by the retail investors that make up much of Kinder Morgan Energy Partners’ investor base.

Almost anything can affect stock prices in the near term. Long-term, earnings and dividend growth are what counts.

The uncertainty surrounding the cross-border leg of TransCanada Corp's Keystone XL pipeline hasn't diminished the company's growth prospects. We examine the investment opportunities behind the controversy.

You have questions; Roger Conrad has answers. Roger will host an exclusive Live Chat for subscribers on March 13, 2014, at 2:00 p.m. ET. This is your opportunity to ask questions about the latest developments in the utility sector.

One pipeline company rewards investors with a 70 percent total return the year after it restores regular distribution growth. The other’s unit price falls nearly in half after it guts its payout by more than 80 percent.

Nothing stirs up fear and uncertainty like a distribution cut. And in the energy midstream business, the news doesn’t often get as bad as it did with Boardwalk Pipeline Partners (NYSE: BWP) this week.