Articles of Interest

Dividend Equity
Retirement Income: Own This 11.3% Yielding CEF For 8 Years Retirement Income: Own This 11.3% Yielding CEF For 8 Years
Seeking Alpha | July 2016
In my recent survey of leveraged equity closed-end funds I turned up one that was new to me, although it has been discussed on Seeking Alpha earlier this year. As I indicated, I find it intriguing enough to follow up with a closer look. The fund is Miller/Howard High Income Equity Fund (NYSE:HIE) and it holds some interesting twists for CEF investors.  
Underestimating the Power of Compound Interest Underestimating the Power of Compound Interest
A Wealth of Common Sense | Nov 2015
I shared a statistic in my last post that received a fair amount of questions and scrutiny from readers (see: Playing the Probabilities). Namely, that the worst 30 year total return on the S&P 500 was close to 850%.  
The Power of Compounded Growth and Reinvested Dividends The Power of Compounded Growth and Reinvested Dividends
American Association of Individual Investors | June 2015
Dividends provide a segment of return that is always positive. Increases in dividends provide an increased positive cash return and, consequently, increase the value of the instrument producing that return. Positive fluctuations are normal in the world of cash payments to shareholders; negative fluctuations are a rarity.  
New Math for Retirees and the 4% Withdrawal  Rule New Math for Retirees and the 4% Withdrawal Rule
NY Times | May 2015
Though the concept has been celebrated and criticized, it has come under scrutiny again, particularly as people are now retiring during a period of low interest rates.  
Why It's Time to Believe the Hype Behind ESG Investing Why It's Time to Believe the Hype Behind ESG Investing
Investment News | Apr 2015
Studies show socially conscious investing principles positively affect long-term, risk-adjusted returns.  
Saints Beat Sinners Again for Best Stock Picks Saints Beat Sinners Again for Best Stock Picks
Bloomberg | Mar 2015
New Morgan Stanley research shows that whatever sustainability is, it seems to be working.  
The Dividend Growth Investing Mindset The Dividend Growth Investing Mindset
Seeking Alpha | Feb 2015
Dividend growth investing takes a certain mindset if one wants to succeed at it. Dividend growth investing is different from most styles of investing.  
Why Dividends Matter: An Interview With Lowell Miller Why Dividends Matter: An Interview With Lowell Miller
Seeking Alpha | Oct 2014
An interview with Lowell Miller, founder of Miller/Howard Investments, as he shares his philosophy on dividend investing.  
Why Low Volatility Produces High Returns Why Low Volatility Produces High Returns
Think Advisor | Sep 2014
Research Affiliates analysts examine the research that explains the persistence of outperformance by lower-risk stocks.  
MLPs
2016 a Transition Year for Oil and Gas MLPs 2016 a Transition Year for Oil and Gas MLPs
The Wall Street Transcript | Mar 2016
During 2016, we still see the names in our strategy growing their distribution. There are many projects that were started in 2015 and will be finished in 2016 that will offer increasing cash flow for the names starting in 2017.  
The Trickle of U.S. Oil Exports Is Already Shifting Global Power The Trickle of U.S. Oil Exports Is Already Shifting Global Power
Bloomberg Business | Feb 2016
Inside the Panamax oil tanker was a cargo that some on Capitol Hill had dubbed "Liquid American Freedom"--the first U.S. crude bound for overseas markets after Congress lifted the 40-year export ban. It was a landmark moment for the beleaguered energy industry and one heavy with both symbolism and economic implications.  
Energy-pipeline stocks surge after 'overreaction' hurt the sector Energy-pipeline stocks surge after 'overreaction' hurt the sector
MarketWatch | Feb 2016
Is the sky really falling? Will the decline in energy prices mean that pipeline services will no longer be needed? Hardly. The U.S. still relies heavily on pipelines, and unless you believe the international oil and natural gas glut will mean an end to domestic production, forever, there’s every reason to expect continued expansion of pipelines and storage facilities in the long run.  
White Paper: Are MLPs and Midstream Companies Still Like White Paper: Are MLPs and Midstream Companies Still Like "Utilities Without Walls"?
Miller/Howard Investments | Feb 2016
Investors are rightly confused about MLP valuations, long-term prospects, and the very viability of the business model. But perhaps there is some myopia here, brought on more by stock price movements than by business fundamentals.  
Energy infrastructure: the Pipeline for Investment Activity Energy infrastructure: the Pipeline for Investment Activity
Toppan | Oct 2015
Not all energy-related investments are created equal. With the plunge in oil and gas prices, money flowing into exploration and production has dropped sharply, with major projects axed.  
MLPs Continue Strong Performance MLPs Continue Strong Performance
Midstream Business | June 2015
John Cusick, a Miller/Howard Investments Senior Research Analyst, answers questions about MLPs.  
Miller/Howard 2015 Mid-Year Update on MLPs Miller/Howard 2015 Mid-Year Update on MLPs
Miller/Howard Investments | June 2015
Miller/Howard Investments offers commentary on pressing questions about MLPs in this 2015 Mid-Year Update.  
Judge’s Ruling Is Win for MLP Investors Judge’s Ruling Is Win for MLP Investors
Wall Street Journal | May 2015
A judge found that El Paso Pipeline Partners LP in 2010 may have been made to pay too much for stakes in two businesses from its parent, El Paso Corp. The ruling is raising questions about whether such deals are always in the best interest of the MLPs. "It kind of shines the light on the transactions," said Lowell Miller, founder of Miller Howard Investments.  
The Oil Industry After OPEC The Oil Industry After OPEC
The Economist | May 2015
BIG companies making big bets on big oilfields, while a cartel of oil-producing states fixed the price to keep itself rich and others, including the oil majors, profitable. That, in caricature, was how the oil industry once ran.  
Pennsylvania Oil Well No. 1 Keeps Pumping After 153 Years Pennsylvania Oil Well No. 1 Keeps Pumping After 153 Years
Bloomberg | Nov 2014
Seventy miles north of Pittsburgh, a pothole-pocked dirt road along the side of a warehouse leads to a solitary oil well, undeterred by the recent plunge in crude prices. McClintock No. 1, the world’s oldest continually producing oil well, is still going after 153 years.  
Utilities
Natural Gas Overtakes Coal in U.S. Electric Generation Natural Gas Overtakes Coal in U.S. Electric Generation
NY Times / Associated Press | July 2015
Natural gas overtook coal as the top source of United States electric power generation for the first time ever this spring, a milestone that has been in the making for years as the price of gas slides and new regulations make coal riskier for power generators.  
More Coal-Fired Power Plant Retirements Scheduled More Coal-Fired Power Plant Retirements Scheduled
EIA | Feb 2014
Coal-fired power plants in the United States have been under significant economic pressure in recent years because of low natural gas prices and slow electricity demand growth. The Annual Energy Outlook 2014 (AEO2014) Reference Case projects that a total of 60 gigawatts (GW) of capacity will retire by 2020.  
North American Energy
Seeking Dividend-Paying Stocks Throughout the Energy Value Chain Seeking Dividend-Paying Stocks Throughout the Energy Value Chain
The Wall Street Transcript | Jan 2016
Natural gas is, in our opinion, a bridge fuel between a more pollutive economy today and one that will be powered in the future by natural gas, the cleanest-burning fossil fuel, and one that’s also abundant, domestic and inexpensive.  
EPCA 2015: Energy has entered new era of shale EPCA 2015: Energy has entered new era of shale
HIS Chemical Week | Oct 2015
The advent of shale gas and oil in North America has hugely benefited the world economy, in terms of energy supply and costs, says Daniel Yergin, vice chairman of IHS.  
Energy infrastructure: the Pipeline for Investment Activity Energy infrastructure: the Pipeline for Investment Activity
Toppan | Oct 2015
Not all energy-related investments are created equal. With the plunge in oil and gas prices, money flowing into exploration and production has dropped sharply, with major projects axed.  
Ethane ships link US shale boom to Europe Ethane ships link US shale boom to Europe
Financial Times | Sep 2015
When a blue ship with the phrase "SHALE GAS FOR MANUFACTURING" painted on its hull docks at Pennsylvania's Marcus Hook terminal later this year, it will open a new phase in world energy markets. (FT.com subscription required to view)  
America's Most Unlikely Energy Project Is Rising From a Louisiana Bayou America's Most Unlikely Energy Project Is Rising From a Louisiana Bayou
Bloomberg Business | Sep 2015
From a mile away, at the distant end of a flat, two-lane road, the Sabine Pass Liquefied Natural Gas terminal materializes like an alien city from the haze of the Louisiana bayou. Five white cylinders with domed tops, each 140 feet tall and 225 feet in diameter, rise from the empty horizon.  
Drillers Answer Low Oil Prices With Cost-Saving Innovations Drillers Answer Low Oil Prices With Cost-Saving Innovations
NY Times | May 2015
Production has barely declined, a testament to the rapid gains that oil producers are making in coaxing ever more oil from older wells and the few new wells they are still drilling — and doing both while investing far less money.  
Fracking From Sea to Shining Sea Seen by Drilling Pioneer Fracking From Sea to Shining Sea Seen by Drilling Pioneer
Bloomberg | May 2015
Kent Bowker, a geologist, part of a team that first extracted significant amounts of gas from dense rock formation near Fort Worth, Texas, in the late 1990s says he’s now identified a sweet spot in the Rocky Mountains. That, along with untapped shale in California, will add to output from Pennsylvania to Texas that’s already propelled the US to No. 1 in the world for combined oil and gas production.  
The Rising Competitive Advantage of US Plastics The Rising Competitive Advantage of US Plastics
ACC | Apr 2015
Shale gas development has reversed the fortunes of the US plastics industry. The competitiveness of plastic resins depends on energy costs—in particular, the difference between oil and natural gas prices—the surge of natural gas production from shale has changed the competitive landscape for US plastics.  
Looking Forward: Energy's Future Will Confound Predictions Looking Forward: Energy's Future Will Confound Predictions
IHS Chemical | Sep 2014
Twenty years from now, even with greater efficiency, the world will be using between 35–40% more energy. That is the result of global economic growth and rising incomes in the developing world. In 2035, for example, IHS projects that 33 million new cars will be sold in China compared with 17 million in the United States.  
Eight Energy Myths Explained Eight Energy Myths Explained
Our Infinite World | Apr 2014
Republicans, Democrats, and environmentalists all have favorite energy myths. Even Peak Oil believers have favorite energy myths.  
Golden Years: The Golden Age Of U.S. Natural Gas Part III—How Will Producers Supply Expanding Demand? Golden Years: The Golden Age Of U.S. Natural Gas Part III—How Will Producers Supply Expanding Demand?
RBN Energy | Jan 2014
The golden years of natural gas abundance are off and running, with export projects, new industrial proposals, new power generation use, and expanded transportation use - all building on a perception of long-term abundant supply at reasonable prices. Does it all work out in the end?  

Fund Risks
The market price of equity securities may be affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.

The Miller/Howard High Income Equity Fund is a closed-end fund traded on the New York Exchange (Symbol HIE). Shares must be purchased through a professional financial advisor.

There is no guarantee that the portfolio will meet its objective.

Shares of closed-end investment companies such as the Fund may trade in the market above, at, or below net asset value. This characteristic is a risk separate and distinct from the risk that the Fund’s net asset value could decline. The Fund is not able to predict whether its shares will trade above, below, or at net asset value in the future.

Leverage Risk. The use of leverage, which can be described as exposure to changes in price at a ratio greater than the amount of equity invested magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. The Fund’s use of leverage in its investment operations subjects it to substantial risk of loss.

© 2017 Miller/Howard High Income Equity Fund

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