"Men have had recourse to many calculations"
Ecclesiastes 7: 29
What's the interpretation of this line? Sadly, my bible doesn't reference which return formulas the writer was referring to, but one with an open mind can conjecture that it's a verse that recognizes that many return calculations are available and that one would be remiss not to consider them all.
To rely solely on time-weighting, for example, would provide us with limited knowledge. And since Ecclesiastes falls within the "wisdom" books of the bible (along with Job, Psalms, Proverbs, Song of Songs, Wisdom, and Sirach), clearly we're looking for ways to enhance ones wisdom; ones knowledge. A multi-dimensional view can only be obtained by considering alternatives, with each serving a purpose; fulfilling a role.
And so, what further evidence is needed that IRR (internal rate of return; money-weighting) should be part of ones arsenal?
p.s., While I knew that the bible was a source of comfort, insight, and guidance, I didn't realize it could also be a source of support for money-weighting!