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Politics : Ask Michael Burke
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To: Tommaso who wrote (94766)3/1/2002 7:35:50 PM
From: Telemarker  Read Replies (1) of 132070
 
Hi Tommaso. Regarding Wulff,

I have reviewed his piece on KMP and judge it to be flawed. His assertion that KMP distributes amounts greater than it's cash flow is arrived at by beginning with diluted EPS, and thus lands up assuming distributions on unissued units. Further, the table which he produces at the bottom of his opinion clearly shows cash flow in excess of distributions.

I don't know if your modest gambler's set would warrant a listen to the CC of yesterday, but it explains alot. Goldman Sacs also released something on KMP after the CC which I think sums up my views - but the subject is a client of GS.

Maybe you've followed McDep closer than I have, but I think that investing by his research would have made one considerably poorer over the past 2 years. I see other sloppy work - check out the difference between his EPN earnings estimates and that of the partnership that was released the very same day as Wulff's "opinion" on EPN. I view his number-crunching as an exercise in futility.

I was a strong buyer of KMP during yesterday's panic and also a buyer of other energy MLPs which sold off in sympathy. Buying dips in the MLPs has been quite profitable for me this year, I'd be dumb not to keep it working until it stops working.

All FWIW.

Cheers!
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