Well the prof better get busy if he wants to grow FGP's distribution. Already the investment houses are predicting no distribution growth for 2007(not that I put any stock in analysts, but they do follow the company closely and interact with management). I guess the word accretive needs to be added to his vocabulary, as in accretive acquisition. I don't know if FerrellGas has been careless in the multiples on ebitda they pay, or in the quality of the companies that they buy, but if they are buying them at the right multiple like Inergy has been able to do, and the customers and volumes stay steady, they ought to have surplus cash(ahh, the word accretive would fit nicely) that can be used to increase the distribution (which in turn will lift the unit price). They have made dozens and dozens of acquisitions since 1994 and not once have they increased the distribution. Compare that to Inergy (NRGY), Energy Transfer (ETP), Suburban Propane (SPH) and even Amerigas (APU) has started to grow its distribution. Can the students give the teacher an "F"?