You might call them “free-form” merchants. They did a little bit of everything, as opportunities presented themselves. In the 18th century, you could find such merchants in seaports up and down the East Coast, from Boston to Charleston. Such a merchant might arrange voyages to Africa or the Far East – hire a captain, underwrite the insurance and divvy up the profits. He might deal in shares of land companies or bonds. He might lend money, trade grains, sell lottery tickets – whatever. These merchants were not committed to a single business. They would go where the best of it looked to be. They were opportunists in the best sense of the word.

Global stocks are getting mauled again today. Wild market swings are making stock investing a risky business. But Floyd Brown says little-known Master Limited Partnerships (MLPs) provide a steady dividend income and are extremely cheap right now. They have the tax benefits of a partnership, but the liquidity of a publicly traded stock. Floyd gives his three favourite MLP plays in the energy sector.