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Macquarie Infrastructure (MIC) shares were down as much as -38% today on news the company cut its dividend by 31%.

Hedgeye Energy analyst Kevin Kaiser added MIC to his Best Idea short list in late January 2017. Since then shares have nearly halved.

“MIC’s aggressive dividend payout is counter-productive to value creation,” Kaiser wrote last year. “Most other MIC analysts value the Company with some yield-based framework, which we believe is lazy and ill-advised. Valuing a highly-leveraged, cyclical business by capitalizing a return-of-capital dividend is a portfolio disaster waiting to happen!”

In the video above (from February 2017), Kaiser lays out his short thesis. “The company is already 4.9x levered, with a super aggressive dividend payout,” Kaiser said. “It doesn’t take a lot to go wrong for this to get very ugly.”