
The Rewind: Lines in the Sand
The Memo by Howard Marks
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You Can't Eat Ir R
A high i r r certainly is desirable, but that's what a fund can show if the g p makes only one investment with a small fraction of the funds committed capital. High annualized i rrs on investments of less than a year can be especially misleading. A big multiple of invested capital is good too, but it also may be of limited significance.
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