Comment by art-w

Not exactly: you don't get the O(1) access to the two previous computations with loeb. It abstracts the collection used for memoization, but it doesn't provides "locality".

Here's a presentation that dives into loeb and expands it to a comonadic fixpoint that lets you do the fibs example correctly: https://www.youtube.com/watch?v=F7F-BzOB670