A value-based method of performance measurement was presented in a 2004 paper in this Journal. Here the authors extend that earlier paper in several ways. They first compare the value method with the internal rate of return. Both incorporate money-weighting, but values are easier to use and understand. They therefore recommend performance measurement in values as the preferred money-weighted complement to the measurement using time-weighted returns. Next, they highlight the fact that the contribution to terminal value of every external or internal cash flow can be measured separately. It is this feature that gives the value method its great transparency and flexibility when analyzing performance over mutliple time periods. Finally, they discuss several aspects of implementation that were neglected in their earlier paper.