Youtube daily Nov 29 2018

hey everyone is Neil Patel here for another Q&A Thursday video

I know let me tell you we have a topic today that you guys are gonna love but

first off I'm here with Adam Liddell chief from viewership hello everybody

and this week's question is this is from Mark Mitchell London's mortgage agent

clearly real estate guy based on his picture yes he says I followed your

advice watch your videos the last two months they've worked wonders he's moved

from rank number 87 to number 11 on Google for his keyword estate in his

area mortgage broker London Ontario however he's stuck at 11 how does he get

to that first page or he's finally gonna start driving some real traffic to his

website I've given a lot of advice on SEO and videos and tutorials talking

about how you can increase your rankings from things like building links to

content marketing to optimizing title tags and I'm not gonna talk about that

kind of stuff on today's video you can look up some of the older videos yeah

I'm going to teach you guys a little piece of advice when it comes to SEO

that most people don't know when it comes to ranking on the first page it's

really easy to go from like being in the top thousand to top hundred it's a bit

harder to go from being number eighty something to page two page three and

what you'll find is as you're continually climbing up it takes longer

and longer to generate higher rankings and get to page one in my office

people have a joke especially on the sales team and they say something

they're like do you know what the perfect place to bury dead bodies is

where page two of Google cuz no one would look that nice right it makes

sense because no one really goes there so what Google is doing is you're

looking at a lot of user metrics not just how many backlinks you have our

social shares they're looking at things like how many people are clicking on

your listing staying there and not bouncing back and they're hoping that

they're finding the answer that they're not doing another Google search for

related query because that tells Google that your web page solved their problem

remember when someone does a search query they're looking for a solution to

their problem so don't think if your web pages you're here to sell a service or a

product yes you have a product or service but that has to be a solution to

their problem and the best way to increase your

rankings is slow and steady it really does win the race because what Google's

looking at is are you getting more clicks than other people around you if

so we should slowly and gradually increase your rankings and the reason

they do this is because on page one there's a lot more volume a lot more

clicks so they're more picky on what they show on page one because if they

show crap people will have a bad experience and not use Google again if

you kept seeing crap on page one of Google would you use it no yahoo the

right one or you gonna be right no one uses any of that no one uses and that's

what I'm getting at is because the first page is where the majority of the clicks

are no one goes to page two as my sales team says yeah you need to make sure

that you're patient because if you're patient if you're not patient you're not

gonna get to the top whenever you want sometimes it'll take months a year or

whatever it may be I have a question on this

yeah I mean interrupt you but I'm actually just curious if you do search

pay pay-per-click does that help your ranking no it does not

they don't give you any indicators it's very nice huh and then on top of that as

you're slowly getting your rankings know that you have to be patient

but the biggest trick is once you figure out how to provide more value than other

people so you figured out your solution so that way people want to stick on your

website and not bounce back you got to come up with a more appealing title tag

so good at Google search console look to see all the keywords that are driving

your clicks they'll show you the impression count the view count make

sure you're putting the right keywords within there and similar to YouTube

marketing you want to vote curiosity you know you want to get people to click

alright if you just say something that's boring and stuffing keywords no one's

gonna click through but if you do something that's appealing like if

you're a real estate agent the number one real estate agent and assuming it's

true on your London Ontario or whatever the region is you're more likely to be

like oh cool this is the best guy right or maybe like need help selling your

home I've sold over five thousand six hundred and twelve homes in London

Ontario it's too long of a title tag but you get the point you could end up using

that as your meta description but by having something that's appealing you're

gonna get more clicks and slowly you'll go from number eleven to number ten to

nine to seven and you'll slowly climb because what happens is when someone is

a Google search and if you click on number two instead of number one and a

thousand other people do that it tells Google hey everyone prefers the second

listing over the first one maybe we should switch him an eventual right it's

genius and you can see your data in Google search console once you change

your layout title tag and meta tag if you're getting more clicks over the next

thirty days because I'll show you the click-through rate yeah I mean it's just

like anything you know it's all about the user you know improve the user

experience and you're gonna win in the end it sounds like right yep cool

so that's it thank you for watching this week's Q&A Thursday video if you have a

question that you want answered on next week's video leave a comment below

either way all answer it thank you for watching subscribe comment share like I

appreciate it

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Value Stocks vs. Growth Stocks: Which Way Should You Invest? - Duration: 2:29.

Robert Brokamp: So far we've covered a lot of bland-looking food. A lot of white. A lot of brown.

If I add some color, I'm moving on to that jiggly staple of Thanksgiving tables -- cranberry sauce!

Alison Southwick: Now are you of the family that needs to have that cranberry sauce

come out of a can and keep those ridges evident or are you, no, it needs to actually look

like cranberries? Or do you guys actually buy fresh cranberries?

Brokamp: It depends on whether I'm in charge of providing it for the meal.

With our family, I'm usually in charge of bringing the drinks, which gives you an idea

of how much faith my family has in my cooking.

If I were in charge of the cranberries, they would come out of the can which, by the way,

according to Smithsonian Magazine, is how something like 74% of people do it.

Only 26% of people actually get the cranberries and make the sauce.

So, in our portfolio that we are setting before us, I'm putting cranberries as style investing.

Up to now, we've been talking about investing according to size, but there are other factors,

and one of them is style; basically growth vs. value.

Every portfolio should have some growth and value just like every Thanksgiving table should

have some cranberries.

But depending on how you want to lean [a little bit toward growth, a little toward value]

is really up to you.

The long-term returns on whether growth beats value or vice versa is somewhat inconclusive.

Plenty of academic evidence shows that value outperforms, but there are many periods where

growth outperforms for a long period, including our recent period.

Over the last several years, growth has just significantly outperformed value.

I'm not going to go one way or the other.

People like Jack Bogle say over the long term it doesn't matter, but you have a style just

like you have a cranberry preference. Some people love tech stocks.

[If you] love finding the new up-and-coming companies [in Motley Fool lingo like Rule Breakers],

then you're going to be leaning towards growth.

If you are more of a Warren Buffett-type investor, you like getting a good deal, or if you want

your portfolio to have a better emphasis on things like dividends,

you're probably going to lean more towards value.

But in the end over the long term, it probably doesn't matter.

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Brookfield Infrastructure Partners: A High Yield Dividend Stock Set for a Turnaround - Duration: 9:22.

Nick Sciple: Matt, the next stock we're going to discuss is Brookfield Infrastructure Partners.

Key thing to point out with Brookfield Infrastructure, it's more diversified than Crestwood.

Also, in addition to having some pipeline investments, they also have some investments

in data centers, they have some investments in regulated utilities. They yield about 4.8%.

Their distribution has grown at a 11% cumulative annual growth rate since 2009.

What really stands out to you about Brooklyn Infrastructure?

Matt Dilallo: As you mentioned, it's diversified. It does have the pipelines.

They've got a pipeline through North America, they've got one in Brazil, they're buying one in India.

Not only do you get the North American that you can get in any of these MLPs, but you get the global pipelines.

And then, in addition to that, they're savvy of knowing what type of infrastructure is needed elsewhere.

You mentioned the data centers. They see data as being the new oil, exponential growth in data.

They're investing in cell phone towers, data centers, fiber networks.

They're also big on transportation-type businesses like ports, toll roads, and rail.

Really a broad way to diversify into infrastructure generally.

It's a different way to play this side of the market.

Sciple: The way to think about it with Brookfield Infrastructure is, if you need to move something

from place to place, whether it's data, oil, goods on a toll road, or anything like that,

that's something that they're going to pay attention to and look for opportunities in that space.

About 95% of their adjusted EBITDA comes from regulated or contracted revenues.

You're getting a pretty steady cash flow through the business. It's very predictable business.

Let's talk about their acquisitions.

With their cash flow being relatively steady year over year, a lot of their growth is going

to come from acquisitions.

They just announced about $1.8 billion in new investments, $1.4 billion of which is

going to go into energy, while the rest of that is going to go into data centers and

some other opportunities.

Do you want to talk about what they're looking at with these new investments, and what opportunities

Brookfield has to pursue there?

Dilallo: One of the things Brookfield does is, they'll buy a business and they'll own

it for a long time. They just sold an electric transmission business in Chile.

They're using that money to reinvest in some other higher-growth opportunities.

They've got about six deals going right now.

One of them is, they're buying Enbridge, the Canadian pipeline company.

They're a gathering and processing business in Western Canada, focused on the

Montney shale, which is a natural-gas-liquids-type of shale play up there.

They see that as a growth opportunity as Canada starts exporting natural gas.

It has really good returns up there. They see that as a good organic growth opportunity.

They also are buying a pipeline in India. India's the faster-growing energy market going forward.

China was the big story for the past couple decades.

But India is going to grow very, very fast the next couple years. This is their inroads into India.

They also bought a residential infrastructure company.

What they do is they lease things like home heating systems and water heaters, those sorts

of things, to homes and businesses. That's their energy investments.

They also bought a gas utility in Colombia. Again, spread all over the world, diversified.

And, as you mentioned, a lot of these are contracted cash flow.

Just like a pipeline company will sign a long-term contract with shippers, a lot of these are

long-term contracts. You have that stable cash flow.

And then, they have the data infrastructure investments, ones that deal with AT&T device and data centers.

Another, they're partnering with a real estate investment trust to buy data centers in Brazil.

Again, you've got that diversification, both in sector and geography.

It's a way for them to grow faster than a typical pipeline company.

They have so many more opportunities.

Another benefit of this switch from the Chilean business to these other ones is, the Chilean

business is going to grow about 2-3% a year, and they see these as growing 5-7% a year organically.

So, they can accelerate the growth rate, plus getting the uplift from a really stable business

to businesses that are growing faster. They see this as accelerating the growth rate going forward.

Sciple: Let's talk about the advantages.

We talked about some of the diversification that Brookfield gives you because they're

not just in the oil space.

A lot of these other energy, oil plays can get affected by the cyclicality we see in the energy market.

Is Brookfield more insulated from that because of these opportunities?

If the oil market's doing really well and assets are over-inflated, they can push assets

to those other areas, data centers and things like that.

For an investor, is that a thing that you think about when you're deciding how you want

to allocate or go into these businesses? Dilallo: Yeah, they're very contrarian.

They'll look at a situation where nobody else wants to invest, and that's when they'll buy.

I think it was two years ago, Brazil was in some trouble.

The oil prices really hit Brazil's oil company Petrobras pretty hard.

On top of that, they had a political scandal. So, nobody wanted to invest in Brazil.

That allowed Brookfield to buy a really good pipeline business for a fantastic price.

That focusing on looking for opportunities when nobody else is has enabled them to get

some really good deals. Right now, the midstream sector is under pressure in North America.

Nobody wants to buy midstream assets because with interest rates going up,

that's put pressure on stock prices.

Midstream companies are selling to Brookfield for pretty good values. That's how they play it.

They look for opportunities when things are down, and that's when they'll pounce.

Sciple: I pulled some data from one of Brookfield's investor presentations earlier this year.

You talk about the market downturn.

Brookfield's balance sheet sets them up to be in a good position to invest there.

Less than 5% of their debt is maturing in the next five years. 90% of their debt is at a fixed rate.

They have no significant maturities in the next five years.

While we're at this bottom or weakness in the MLP market, they have the opportunity,

without significant obligations on their balance sheet, to throw some money into where opportunities

present themselves. Dilallo: Yeah, and that's by design.

They like to sell assets not when they have to, but when they're at full value.

For example, Enbridge, they sold their Western Canadian gathering processing business because they had to.

The market put a lot of pressure on them because their debt load has been higher because they're

building all these pipelines in the U.S. and Canada.

They needed to de-lever, and that provided Brookfield the opportunity to buy.

That's one of the things that sets them apart. They'll sell when the values are high.

That hurts them in the short-term. Their earnings have gone down the past two quarters.

However, it gave them the cash to buy a bunch of really good assets when prices came down.

Sciple: Awesome. Going away on Brookfield, again, if an investor wants to start a position or tracking this

business to maybe think about starting a position in the future, what should they be following?

What should they be paying attention to?

What are the important things that they should be tracking with this company?

Dilallo: Like we mentioned, they have six deals going on right now.

Their focus right now is closing those deals.

If they all close, they believe that'll boost earnings 20% starting the second half of next year.

There might be some pressure in the near-term. Fourth quarter earnings might be down.

They did close some deals recently. But I see it as an opportunity to buy.

I just bought not that long ago. The focus on them is the long-term.

They're looking three to five years. They believe they can grow their distribution by 5-9% per year.

It'll be more generated by the organic growth that they can get from these businesses.

They have a pipeline joint venture with Kinder Morgan, for example, that they're expanding.

They have some other businesses. They're building these small projects that can increase earnings.

That's going to drive a lot of this growth going forward.

And then, the acquisitions, if they can get good deals, it's like icing on the cake.

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Should You Avoid – or Buy Carvana Stock? - Duration: 7:52.

Vincent Shen: There were some interesting comments from CEO Garcia about competition.

He said, basically, given the large size of the market, this fragmentation among the competition,

even if there are new companies to enter this more e-commerce-focused model for selling cars,

it'll basically serve to normalize the concept or the idea of buying a car online.

For some people, it still seems intimidating to not be able to see or handle or even test-drive

a car that your purchasing, thousands of dollars.

Overall, as that becomes normalized, even if there's some competition, that's something

that's likely to lift the whole segment before becoming a more traditional fight for market share.

Last couple things that I will mention, used car selling is the main business driver for

Carvana, but it's also experimenting with sourcing more of its inventory from customers.

The number of vehicles that they will purchase directly from their customers grew over 270%

year over year in the third quarter.

It made up about 16% of the units the company sold via its retail channel.

Something I wanted to get your opinion on, Asit, is all the acquisitions that the company

has made in the past few years.

I know that they're very focused on acquiring certain talent, certain capabilities that

support this platform that they've created. What are your thoughts there?

Asit Sharma: The company is now shifting its focus towards technology.

The last acquisition was the purchase of an artificial intelligence company, which will

help facilitate more interaction on the site, and also interaction via SMS.

Carvana is pretty tech-savvy to begin with, but utilizing the data that they have,

they want to be able to anticipate the secondary questions a buyer might have, and be able

to resolve those quickly, as well as know the buyer a little better from its data sets

and suggest different options. Again, financing is one, if you think back to the GPU.

I think that's a smart move.

At some point, the company has to build out some competitive advantages.

The thing that it's got going for it, which is going to prevent competition from totally

adopting its model, is its inventory doesn't sit on lots.

It gets inventory after a customer makes the purchase or it gets it to the distribution point,

but the company isn't in the business of buying a gazillion cars and putting those on lots.

It's a more streamlined model.

That contributes to the gross margin, but it also helps free up capital for the technology,

these types of acquisitions that you're mentioning, Vince. I think that's very smart.

I also wanted to say that another inherent advantage going forward for the company is

a stat that you just mentioned -- up to 16% of the cars that were sold in the last quarter,

it acquired from other customers. This is pointing to a customer lifetime value model.

It means that every time I need a new car, I stop going to whoever has the best price,

visiting different dealerships.

I become this customer who wants to buy and sell every car from one company.

This is a long-term advantage if you consider that a competitor like CarMax has that inventory

and all the land infrastructure that's tied to that.

In the time it would take a larger competitor to adopt this model, Carvana can, over the years,

convert people to lifetime customers. That's a very exciting proposition.

I think we'll see additional small acquisitions from Carvana.

One of the things on the balance sheet that indicates that it probably is looking in that

direction is the issuance of $350 million of unsecured notes just recently.

It now has a little more firepower on its balance sheet, not only to patch up some of

the losses it's generating, but also make a few small acquisitions.

I do think we'll see more in terms of artificial intelligence.

As far as the talent -- that is, the people that it's bringing on -- because the general

and administrative expense is relatively lower versus traditional used car companies --

in other words, it doesn't have a lot of sales people standing around lots creating overhead

-- it has more money to invest in great people, in engineers, data scientists, etc.

This is something we've seen in companies that we've talked about on the show.

Analogous, I would say, to Stitch Fix, which is also big on making acquisitions, not just

of companies, but of talent, of people who can make the systems more optimized to helping

you get to that next purchase.

Shen: Final take, when it comes down to it for you, Asit, is this a yes stock? A no stock?

Or something that you're putting on the watchlist? Sharma: This is actually a yes stock for me.

But you have to have a bit of a strong stomach, because the company doesn't have net income, per say.

The next-best metric that we often look at is price to sales.

I pulled that up this morning, Carvana is selling at 3X forward one-year sales,

which actually isn't a sky-high valuation as price to sales ratios go. But it is a lot pricier.

I'll bring up CarMax again, which trades that 0.5X forward sales.

Of course, that's a much more slowly-growing company.

If you purchase this stock today, there's potential for a correction, and we know the

general market right now is soft.

However, if you are yourself a millennial or middle-aged person like me who wants to

buy a great company and hold it for several years, I think it's okay to start taking a position in Carvana.

As I said, I do think it has some structural advantages to fend off competition as it begins

to adopt some of the better aspects of how Carvana operates.

What about you, Vince? Shen: I'm in the same boat as you.

This is definitely a company that has been really cool to dig into, do that due diligence.

I'm really excited about what they're building here, how that's changing the consumer experience.

I'm seeing a lot of these core metrics like gross profit go very quickly up and to the right.

I'm seeing the potential for all these markets that they can enter.

This is definitely, definitely one that I will be, over time, adding and creating a position.

Very excited for Carvana. Any final thoughts, Asit?

Sharma: Yes. If you have a chance, before you invest in the company, if you happen to be in a metropolitan

area that has one of the Vending Machines, go visit it like I did.

It will give you a clearer sense of the kinds of advantages that this company has.

I thought it was probably just eye candy, but it creates a bond with the customer,

when you vend your car and drive it off the lot, that's different than just stepping in and

smelling the new car smell, just seeing the shiny new vehicle.

They're onto something which is going to implant in younger people this desire to stick with them

for a long time. Shen: Yeah.

To boil it down, it reminds me of the ultimate unboxing experience, which can really change

how you perceive a product. A very cool company.

Glad we're able to talk about this, especially as I wrap up my time with Industry Focus.

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Plains All American Is Perfectly Positioned for the Permian Basin - Duration: 10:31.

Nick Sciple: Let's go ahead and talk about our last talk we're going to talk about today,

which is Plains All American Pipeline, ticker PAA. It's exactly what it sounds like.

It's a pipeline company that's all-American. It's all in North America.

They own gathering terminals and storage facilities in California, Louisiana, Oklahoma, Texas.

In Canada, they're in Alberta and Saskatchewan. Yields about 5.2%.

Has more than 90% of its cash flow tied up in long-term contracts.

What stands out to you about Plains All American?

Matt Dilallo: Plains All American, even though you mentioned how diversified they are, they're

really a Permian Basin story. They have one of the best positions there in the Permian.

They've got a lot of growth projects in the pipeline, so to speak.

They just finished the Sunrise expansion pipeline.

That's taken crude oil up to Wichita, and then it's going to go up to Cushing, which is the nation's oil hub.

Then, they have another one, the Cactus II pipeline.

It's an expansion of another pipeline that'll take oil to Corpus Christi, Texas, which is

a big hub down along the coast.

They've got these projects, and they've got a lot of other little what they call "de-bottlenecking projects."

They look for if there's too much oil flowing in one direction, how can we fix that and

invest capital and get a return and improve the flow of oil?

They're really focused on the Permian, which is a great place to be.

It will grow so fast once they get these pipelines online next year.

Sciple: We've talked about the Permian in the past, about the pipeline constraints there

and how it's held back production in that region. A couple questions here.

First, because there's a shortage in pipelines, what kind of leverage does Plains All American

have in negotiating pricing with the producers there?

Secondarily, as these pipelines come online, how quickly is their capacity going to get

filled up and we reach another bottleneck again?

There's a massive number of drilled but uncompleted wells, this latent demand in the Permian.

What are your thoughts on those two questions there?

Dilallo: One of the things that the pipeline crunch has enabled Plains to do is be able to secure partners.

They have this partnership with Exxon Mobil.

It'll be the next Permian pipeline that will probably be built.

Exxon signed a big, long-term contract to be an anchor shipper on this pipeline.

The pipeline companies have been able to do that, get big producers to anchor these pipelines.

It de-risks the projects so that smaller producers are okay with signing on with them.

That's helped them plan ahead and get the next ones lined up. This pipeline, it'll probably be 2021.

So, now, they're starting to get ahead of the curve.

I think there's three pipelines that are supposed to be finished by the end of next year.

Energy Transfer and Magellan have a pipeline that's coming 2020.

They're basically staging them almost every year.

That should help them get ahead of the curve, as long as there's no permitting issues or

other problems like that.

It's really helped them to be able to get producers to focus on, "Yeah, I need to sign

on now so that I can grow later."

Sciple: Right. It's the problem these producers have been having now.

If they don't have some kind of pipeline deal to get the oil out, it's a useless asset.

You're selling your oil below the spot price, and all those sorts of things.

We're seeing Planes All American building out all these new pipelines.

They've also sold and some of their assets.

They sold against their BridgeTex asset, a 50% stake in that, to Magellan Midstream Partners.

They're going to use that cash to de-lever a little bit.

What's their balance sheet looking like at Planes All American?

What are the prospects for that going forward? Dilallo: That's been the driver.

They sold a lot of assets in the past couple years because they, like a lot of companies,

were a little bit too tight when the market crashed. They've been trying to get that leverage ratio down.

They expect to hit their target early next year. That's going to free them up to do some other things.

In the case of BridgeTex, they didn't sell the whole thing, they sold a part of it so that they can still keep that.

But there's kind of disconnect in the market where Permian pipelines are selling for ridiculous prices.

They're cashing in on that, then using that cash to build new Permian pipelines for a really good rate of return.

They're making a really good trade there. Then, as these pipelines come online, the cash flow will go up.

That's already starting to happen this year. They're projecting 12% growth next year.

It's growing its cash flow stream at a time that their balance sheets are getting better.

That's going to free them up to start increasing their distribution, probably next year.

They're talking, with their May pay-out, they'll probably increase it.

They could do any number of things. They're going to be covering their pay-out by 190% this year.

It could go up substantially, or they could hold some back so that they can build some of these projects.

We mentioned the Exxon pipeline. Exxon's going to help fund that.

They've got another joint venture partner there.

As they secure more venture partners, it's less capital that they need to put up,

and that's more potential growth for the distribution. That's what I think is interesting about them.

They're heading into this period of growth. Their balance sheet's getting better.

And, they're pretty cheap. It's a really interesting company.

Sciple: All these things seem to be lining up.

I think anybody can tell there's a massive shortage of pipelines in the Permian and there's

going to have to be investment there over time.

What would have to occur to disrupt this thesis for Plains All American and all the pipeline

players supplying into the Permian?

What would have to occur for that direction -- it looks like we're moving when it comes

to pipeline demand there -- for that to be disrupted?

Dilallo: All this oil is flowing to the Gulf Coast, which is good because there are a lot

of refineries there, but there's only so much that the refiners can handle.

Some of the oil companies are concerned that the WTI brent spread -- WTI is West Texas Intermediate.

That's the domestic oil price. Brent is the global oil price.

There's a $10 a barrel difference. They're worried that's going to widen.

Unless you have access to exports and can sell your oil at brent, it's the same thing

with producing in the Permian now, you're selling at a discount.

Unless companies start building more export capabilities or more refineries get built,

then we're going to be in the same trouble.

At $10 a barrel, and the U.S. produces 10 million barrels a day, that's $100 million

that they're potentially losing out with these pipeline and infrastructure issues.

One of the things Exxon's looking at doing -- and that's why they're partnering with

Planes -- is, they're looking at building a new refinery or expanding a refinery.

Exxon will have this cheap source of oil that they'll be able to refine to make more money.

You'll see these downstream investments, where companies will look at, how can we make money

on this discount? Are they going to build export terminals?

Are they going to build new refineries? That's where the focus needs to be.

How are they going to use this oil now that they're producing it?

Sciple: Sure. Maybe you answered my question then, of what people should watch if you're going to start

a position in Plains, or monitor it going forward.

Is refinery capacity the thing that you should be paying attention to? Like downstream?

What are the things that investors should focus on to make sure that growth story is still playing out?

Dilallo: That's part of it.

The nice thing about a company like Plains is, they already have long-term contracts

with the pipelines that they have.

They pretty much know where that cash flow is coming from for the next couple of years.

In this case, it's more of, where's the growth coming after 2020?

They're pretty confident that they're going to build this pipeline with Exxon.

There's another pipeline that they're looking at up in Oklahoma. That'll move oil down south, as well.

But, where's the growth coming next?

They know the Permian is going to keep growing and growing and growing.

But if we're not going to be able to get that oil to global markets, then the growth is

going to stop, because it won't be as profitable to produce.

I would also pay attention what's going on downstream. Look especially at export capacity.

There are a lot of companies that are trying to do that.

Phillips 66 and its MLP, they're building some export capacity along the Gulf.

That would be something I'd pay attention to. Sciple: Matt, last question going away.

This is general market.

If we come back and record this podcast three years from now, do you think there will still

be pipeline constraints in the Permian?

Dilallo: Probably not. It seems like they might actually overbuild at this point, with the number of pipelines

they're doing now. Private equity companies are also involved in there.

They'll build more on speculation than a lot of the publicly-traded companies.

I wouldn't be so worried about the Permian. We might run into pipeline issues elsewhere.

Or, like I mentioned, so much oil flowing to the Gulf that they just can't handle it.