Investors keep pounding away on planned growth capex, and companies are generally responding by guiding to less spending this year and next while still emphasizing their slate of attractive opportunities.

Energy Transfer perhaps the least loved pipeline company in a sector that investors find lukewarm at best. ET is priced far below where they’d take the company public, if it wasn’t already a listed company.

Although pipelines stocks delivered very strong performance through March, in recent weeks investors have started to question the rally’s resilience.

Humor can be a most effective weapon against your adversaries, especially when more extreme measures are unavailable. MLP management teams have made many poor capital allocation decisions in recent years, providing a rich source of material.

MLPs are very capital-intensive entities that require large capital investments to maintain and grow their revenues.