We've been getting requests for explanations of the Annualized
Internal Rate of Return (AIRR) calculation which we use for the
Performance Benchmark Report and other performance reports.

I've posted a talk we have given to the Club Cafe files area. It's
title is The Only Performance Number You Need, and you can view it
here:

http://www.bivio.com/club_cafe/files/TheOnlyPerformanceNumber.pdf

If you have questions, email them here or to support@bivio.com.
We'll be happy to make corrections/additions.

Thank you for using bivio,
Rob Nagler
bivio Inc.