Excerpts from the thrashing of the Kinder Morgan companies by Hedgeye's Kevin Kaiser as "a house of cards":
"Like a toll road - except for the E&P segment that generates +20% of KMP’s segment DCF."
"$78B of combined market cap sitting on top of $1.6B of tangible equity?"
"KMP’s investor presentation 'returns' vs. actual returns to the KMP unitholder."
"How 'Certain' are KMP’s 'Certain Items'"?
Kaiser says he'll release a full report Sept. 10.