Shortly after Peter Dietz wrote his Ph.D. thesis criticizing the use of the Internal Rate of Return as a way to measure the performance of money managers, the Bank Administration issued the first set of performance calculation standards. In the BAI standards we see the first reference to the term, time-weighting. The Investment Counsel Association of America (ICAA)introduced their standards in 1971, which encouraged the use of time-weighted returns. And shortly thereafter, the UK Society of Investment Analysts issued yet another standard, again referencing time-weighting. Since the world has embraced the time-weighted rate-of-return; there's no need for money-weighting. Wrong!