The following video is part of our "Motley Fool Conversations" series, in which Motley Fool contributor and financial planner Dan Caplinger discusses topics from around the investment world.

Today, Dan looks at master limited partnerships and their potential risks and rewards. With their wide exposure to the natural resources industry, MLPs have gained in popularity because of their tax benefits and high dividend yields. Dan looks at various ways to invest in MLPs, providing some specific names of MLPs with interesting opportunities, and also points out some of the complications that investors in MLPs have to face.

If you're interested in energy plays, be sure to check out Motley Fool's special report: "3 Stocks for $100 Oil." You can get free access to this special report by clicking here.

Fool contributor Dan Caplinger has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.