The Rewind: Lines in the Sand

Howard reflects on this memo
(https://www.oaktreecapital.com/docs/default-source/memos/lines-in-the-sand.pdf)
originally published on April 18, 2017. Following up on his
classic memo You Can’t Eat IRR
(https://www.oaktreecapital.com/docs/default-source/memos/2006-07-12-you-cant-eat-irr.pdf),
he discusses why financial innovations that can artificially
boost IRRs, like subscription lines, should be treated cautiously
and why no single performance metric tells the whole story. 


The memo is read by LJ Ganser.