"The operations of many energy partnerships have nothing to do with the price of crude and natural gas; they only need to have demand to move and process crude oil and natural gas rather than to pump it out of the ground," explains Neil George.

In his specialized advisory services, The Partnership, he looks at Kinder Morgan Energy Partners (NYSE: KMP) and Kinder Morgan Management (NYSE: KMR).

"Midstream partnerships--those that operate pipelines or storage and processing facilities segments as well as those that invest in these segments--are among the most stable distribution payers.

"And, more importantly right now, they're among the most stable investments in what's become a treacherous stock market.

These middlemen, in between the producers and the consumers, are perhaps the best hedge for your portfolio as they continue to generate hefty cash flows for investors.

"Whether the broad energy market is up or down, these partnerships continue to be all-around successes. Kinder Morgan Energy Partners and Kinder Morgan Management, are Foundation holdings in our portfolio.

"We don't have to leave the US to find plenty of bargain buys in partnerships and pass-throughs," says Neil George in his new specialty service designed for income investors, The Partnership Letter.

In his search for "solid, heavy-cash-generating assets," the advisor takes a look at two of his new portfolio holdings, Kinder Morgan Energy Partners (NYSE: KMP) and Kinder Morgan Management (NYSE: KMR).

"Right now plenty of partnerships and pass-through entities in the US and around the world are down in price. The real work comes in finding and buying partnerships that have solid, heavy-cash-generating assets that make for bargains.

"And they need to pass two other tests. The first is that they need to be financially sustainable. With the ongoing credit crunch, partnerships we own need to be able to carry themselves without having to face a cash crunch.

"The second test is one of business sustainability: Can the operation behind the partnership keep running and expanding even if the global economy slows? are widely held by investors. And though neither has been relegated to the bargain, both represent solid deals.