In October Loews Corp. (NYSE: L) acquired $490 million on 21.2 million common shares of Boardwalk Pipeline Partners LP (NYSE: BWP), which plans to use the proceeds to expand its pipelines.

Loews, which owns stakes in insurance company CNA Financial Corp. as well as oil and gas companies and hotels, paid $23.13 per share, Friday's closing price, was $19.49 so your buying at a discount to the general partner.

Boardwalk said the cost to complete three pipeline projects is estimated at $3.9 billion. It has financed the projects to date with a combination of equity and debt issuance, cash from operations and by borrowing from the partnership's $1 billion revolving credit facility.

Lowes is the largest shareholder with a 70% equity interest. Boardwalk Pipeline Partners is in the business of interstate transportation, gathering, and storage of natural gas. The company operates through two subsidiaries -- Texas Gas Transmission and Gulf South Pipeline Company -- with a combined 13,550 miles of pipeline in 11 states.

Natural gas prices are down significantly, but I think most investors and users of natural gas alike think that is temporary and the price which is cyclical is near a low point and destined to go up. In the mean time BWP is off its 52 week high of $32.25, down in line with the overall market. The difference here is that BWP has almost a 10% yield while trading at a price to book value near 1.0. It seems to me that this stock will reward your patience while they expand the network and later when gas prices rise as expected.

Last weeks gas prices: At the New York Mercantile Exchange (NYMEX) The January 2009 contract settled at $5.686 per MMBtu.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture and planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I do not own shares of BWP or L, but I am considering them.

Blogging for AOL has been an interesting experience over the last few years. For me it is one of those unplanned surprising things that pop up on life's journey every so often. For the most part it has been a rewarding experience. I have had to become a lot more thick skinned when receiving harsh and even crude comments from readers.

One of the great things has been the 'pen pals' I have made around the world. People that have taken to my stories and regularly add their insights. The dialogue makes it more informative and the immediacy somehow makes it more personal and real.

Just this morning I received a note from Dan, a frequent participant in the BloggingStocks.com dialogue. He had noticed that one of my colleagues Peter Cohan had picked up my infrastructure theme lately and was not able to find my stories about the subject from earlier in the year.

I think this is one of the themes that Peter and I could write about non-stop and it would not be getting enough attention. It is first and foremost about putting people to work doing things that the nation needs done anyway. If we have to run the printing presses let it be for things that last 80 to 100 years not 2 to 3. The following stories will illuminate the subject as to my views in more detail.

Thanks for writing Dan. I hope you and others will continue to comment and try and wake up our elected officials. I started banging this gong in February. Maybe someone in Washington will do something before next February.

• Suburban slums -- city centers being revitalized
• Fund roads & bridges NOT mad money stimulus
• Serious Money: Stimulate productivity not consumption
• Should Feds stimulate or stabilize; is there a difference?
• Re-think new stimulus package? Push infrastructure!

I think that the infrastructure story will continue to be a major theme next year and for many years to come. My stories have discussed roads, bridges, tunnels, highways and the like but future stories will be about water. In using the the picture above contributed by editor and writer Sarah Gilbert, I want to drive home the point that we all have expectations that our simplest needs will be met. That is not going to be so, if we do not plan for the future.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money.