You are right. For some reason, he has a thing against Kinder, almost irrational. Believe it is the only MLP that he bashes, actually the only pipeline MLP that he covers, where most are structured the same, 50% gp incentive, it's just the nature of the beast. He scared me our of KMP a few years ago after I had more than doubled my investment, and it has continued to grow. I see them as a bond with a better yield and fairly good growth. The gravy days are over but they can still return double digits without much risk. EPD with a 25% incentive, imo, is a better investment, mid teens for a few years.
Since I think it was you that inquired about LINE earlier and since you are interested in energy income vehicles, I'll note that Linn Energy (and you may well be aware of this) is not an MLP but rather an LLC. It has no general partner who is taking anything off the top but rather leadership that has a financial interest in the company through unit ownership which can be increased in the normal ways.
Peter- Thanks, I mistakenly call them MLPs but that is definitely an advantage, no GP incentive. Looks like Chesapeake is trying to get in the same business as they see reserve valuations at $5/mcf for LLCs vs mid $2s in the corporate form. LINE, if my math is right is valued at $2.25. Seems like a bargain but I haven't pulled the trigger, still think prices could moderate somewhat with demand destruction/global weakness, but as everyone feels, the march to increasing global standards of living is just beginning.