I do respect your view on the DCF to distribution ratio. I am a great fan.
The high payout for KMP was, until today, playing as a lid for KMP relative to EPD. However, today KMP showed some real strength. The GP issue is also very much at the heart of KMP not quite surging this quarter. AGain, it showed it's strength today.
I trade these, and I can't find two l like better. So, KMP will advance up about $1 from here, maybe more and EPD will probably rise another $1 to $2 and the earnings relese shoudl be tomorrow morning for EPD.
So, I think you have a very good point and I have traded a bunch of different MLP's this quarter to find out which one has the power to give me a real ride on the calls. So, far KMP is the winner as I bought a bunch of calls when it was $66.40.
However, I am up on both Nov. calls on EPD and KMP. We are neck and neck today and the race really starts tomorrow for EPD and next Monday for KMP.
So, good work, but don't get to hung up that others don't necessarily trade by your metrics. If that were the case, KMP would not have performed so well and that just isn't the case.
The market is telling you the metrics are somewhat true, but also the stock is performing well. YOu need to diversity your holdings. HOwever, I just don't know how to be long a stock or security, as I just trade.