"You claimed based on the word of a saleman was incentive fees are always by definition earned!"
No, I claimed based on reading the S-1 (in the case of QRE) and by looking at the historical performance of MLPs with and without IDRs and noting there has been no correlation over the last 15 years (in fact, performance of MLPs with IDRs has overall been superior however I never said IDRs was the cause of that, simply that those without IDRs have done no better overall). Apart from which, I never mentioned anything about fees being by definition earned - that's also something you just made up. I did mention that there are typically subordinated units to go along with the IDRs, so the protection extends in both directions.
Note that yahoo invoked their stupidity filter again on your post, so I am forced to reply to a different post of yours (one which was not filled with bizarre comments and therefore given a reply button by yahoo).
Folks, now norris is following sand in trying to reopen old arguments. Sand wants to talk forever about QRE incentive fees and norris is intent on reopening the whole question of IDRs. It seems they are determined to bring the whole board into the swamp again.
Point one you claimed all IRDs are earned. By definition of your financial product salesman being smart than every one else. As Tiny Jon knows there is more than one a minute but I digress.
Past returns are no measure of expected future results. Even if I were foolish enough to take a financial product salesman's word at face value - it would still be irrelevant. Fact is the IDRs lower future expected returns for common equity owners.
These are not arguments but completely resolved points. You can on screaming your insanity and likely the more delusional OLB members will believe they can vote on reality and change it. But then their purpose here has nothing to do with investments but their politics which is their religion.
Oh management did really well and offset a 25% IRD take. So I will just assume a doubling to 50% will make no difference in the future! I am rich based on this! Rich I tell ya!
No rational people were not born yesterday and you should go over to the SFL board where they share your alternative reality.