"The market is pricing publicly-traded partnerships as if they're headed for bankruptcy," says Neil George who sees high yield and value in select issues. Here's two ideas from The Partnership Letter -- a global infrastructure play and a real estate investment trust.

"There are some darn good partnerships out there that are indeed worth the near-term risk, even amid the probability of lower stock prices.

"Partnerships are characterized by high cash generation and the maximization of depreciation and other tax deductions. They then pay out as much cash as possible to unitholders. And with prices so low, we get to buy into assets that in many cases are worth a lot more in terms of liquidation value.

"Australia-based Macquarie Infrastructure Company Trust (NYSE: MIC) owns infrastructure assets--airport facilities, ports and other transportation assets, as well as a gas transport and processing facility business.

"The stock market is currently pricing it at meltdown value. That said, it makes a lot more with the underlying assets than most would; revenues keep piling up, with average gains for the past year of nearly 60%.

"Distributions have climbed by more than 11% over the past year alone, putting the yield at around 9%. The market has it priced for the scrap heap at 28. We say Macquarie Infrastructure Company Trust is a buy up to 50.

"WP Carey (NYSE: WPC) is the pawn shop of the corporate real estate world. It lives for bad times because it gets to buy buildings--headquarters to distribution centers--when other companies need to raise cash. Then it locks in cash flows for years.

"The stock is valued at a major discount to the rest of the REIT market at a price-to-book of 1.9 times. Cash keeps climbing by about 4% per year. But it's yielding more than 6%, and has generated a total return just shy of 10% annually. We can afford to be patient while the market has it on the discount rack."

Each day, Steven Halpern's TheStockAdvisors.com offers the latest market commentary and favorite investment ideas from the nation's leading financial newsletter advisors.