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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (94770)	3/2/2002 12:16:51 PM
From: Telemarker	Read Replies (2) \| Respond to of 132070

Credit does go to Wulff for his warnings on CPN. But there remain inaccuracies in his analysis of KMP. Who knows what the market will do with the KM complex? As always, one can be wrong and make money, or right and lose money. The history and present story on the KM entities are on the table for all to study. I only suggest that Wulff's opinion and the fact that Kinder left ENE 6 years ago may be insufficient to base a position upon where there is so much else to be read. KMP assets are a collection of "cash cows", and debt stands at 50% of capital. Wulff doesn't like the management incentive arrangement and the aggressive distribution of cash flow (which have characterized KMP since it's inception). To me, these hardly appear as ingredients that would warrant a price implosion of the units, but anything can happen. With a history of 19% annual increases of distributions to the LPs, I left wondering who was shot with Wulff's "smoking gun". I've been wrong before, but not all that often <g>. Separately, I'd like to than Joan and yourself for putting USU on my radar screen. Recently bought heavily under 6, sold heavily over 7 and now have a nice core "starter" position fully paid for. Regards,