I think Barron’s brings ups an interesting arcane accounting point. There seems to be a lot of flexibility in the way these MLPs classify expenses between operating, maintaining, and future expansion buckets. If KMI is robbing Peter to pay Paul, it makes no sense as the value of their goose that lays the golden egg is in KMP not KMI. Sure KMI on the surface looks like a better deal. KInder gives you different ways to invest. You can invest in the limited partner, ex. a hedge fund or KMP itself or the general partner, the management group which is KMI. That’s just one example. He tears down the Company in several other ways some of which I agree. It’s complex, gigantic and therefore growth is slowing and extremely difficult to understand its lengthy financials. If it’s a fraud, it’s an odd one with a lack of insider selling and low salaries. I don’t believe Richard Kinder, CEO, even gets a salary. instead the opposite seems to be the case with large insider buying in all the entities especially KMI. He has done a great job for shareholders in the past and a lot of people want to give him the benefit of the doubt, including me.
I guess the next thing that will come out is that Richard Kinder once led Enron which is of course true.

On Feb 23, 2014, at 12:01 PM, “Munster, Bruce” <Bruce.Munster> wrote:

will do

Btw our tgt is sub 2.5%

Scott Minerd and Paul Curtis think sub 2% is in the cards

Bruce Munster
Managing Director
Morgan Stanley Wealth

MPF Family Wealth Group
21650 Oxnard Street 19th Floor
Woodland Hills, CA. 91367
Phone: (818) 713-4740
Mobile: (818) 481-2383
Fax: (818) 887-7809

Sent via blackberry please excuse any typos

From: Harvey Warren Sax [mailto:harvey]
Sent: Sunday, February 23, 2014 10:56 AM
To: Munster, Bruce (Wealth Mgmt MS)
Subject: Re: Sax Angle Not So Daily Digest for 02/23/2014

here’s 2. Mabye Richard Kinder will take it private again.. He has been buying a fair amount of stock. Read the comments on the Barron’s article. It’s an obvious bear raid, with I’m sure more to come. At the prices you can pick it up for Monday, youll make money 12 months out especially if your scneario of 2.7% long bond holds up