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A report by the Water Infrastructure Network (WIN)recently estimated that the twenty-year need for both the water and wastewaterindustries at about $1 trillion. According to the same report, the current levelsof investment are falling short of that need by about $23 billion annually.Despite the very speculative nature of the estimate, the resulting gap betweenneeds and expenditures has become a focal point of debate. Complimenting thenational estimate are models that seek to lay out, in more systematic terms thanpreviously, the mounting investment need for individual water companies. Thispaper provides a critique of the WIN Report and recognizes the attention it hasbrought to the infrastructure problem and the value of asset management. Includes figure, table.