On pipelines, WMB has irreplaceable assets and expansion opportunities so no criticism of it from me, but if someone is interested in big pipeline companies and can deal with a K-1, I would also look at Enterprise Products Partners (EPD) -- shareholder alignment, lower valuation, lower leverage, better debt profile, better tax characteristics, and significant expansion opportunities. Perhaps more controversially, I also think EPD management is more candid than WMB's about the other key variable -- returns on incremental invested capital.