There certainly is a lot of complaining with nothing offered very constructive as a solution.
EPD first and foremost has made some decisions that did not work out well. Trading spreads based on ETPs pipes have decreased to almost nothing. What al the wingers do not discuss is ETP has not sat around doing nothing. In the last year they have sold a decreasing lousy propane business for a few $B. They have built accretive assets worth several $B with about 2X that amount under construction. They also bought fixed fee assets worth another few $B.
How this will work out I have no idea, but they have not sat idly by but rather worked to transform the company. In the meantime you have been paid 8% to wait. This is about 3% more than the MLPs growing their distribution or about $7 a unit over the last 5 years. Seeks like all the slammers forget this.
I'm giving ETP until mid 2013 and after they get to sell their propane APU units and many of the projects are on line we can evaluate what the new ETP looks like. I'm happy getting paid 8% to wait for one more year.