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What is IRR?

IRR stands for Internal Rate of Return. It is the annualised return that makes the net present value of all your cash flows equal to zero — in plain terms, it is the compound annual growth rate that accounts for the exact timing and size of every dollar you put in and took out.

Unlike a simple percentage gain, IRR penalises you for deploying capital late and rewards you for deploying it early. A stock that doubled in value is less impressive if you only bought it last month than if you bought it five years ago.

Momentum figures (1y, 3m) are shown in the stock's native currency and represent simple price change — they are not IRR.

Investment Rules

Each stock card shows a rule pill when the current price has moved significantly below your highest buy price. These rules are designed to limit further exposure to underperforming positions.

−10–25% · add once Price is 10–25% below your highest buy. You have not added in this zone yet. One add is permitted — use it if the thesis is intact. −10–25% · add used Price is 10–25% below your highest buy. You have already used your one permitted add in this zone. No further adds until price recovers above −10%. −25%+ · no adds Price is more than 25% below your highest buy. Adding is not allowed regardless of history. The position is in serious decline. −20% for 1y · exit Price has been more than 20% below your highest buy for over 12 months. The thesis has not recovered in a reasonable time. Exit the position.
* Reference price is the highest buy price across all purchases. Rules reset upward when a new highest buy is made.
How Benchmarks Are Calculated

Each benchmark answers the question: what if every dollar I actually invested, on the exact date I invested it, had gone into this index instead? Every buy is treated as an outflow into the benchmark, every sell as an inflow back out — identical to how your portfolio IRR is calculated. This makes the comparison apples-to-apples.

ASX 200 Tracked via STW (State Street ASX 200 ETF). Each buy purchases STW units at that day's closing price; each sell redeems units. STW distributions are reinvested.
NASDAQ-100 Tracked via QQQ (Invesco NASDAQ-100 ETF). Cash flows are converted between AUD and USD using the exchange rate on each transaction date. QQQ distributions reinvested.
S&P 500 Tracked via SPY (SPDR S&P 500 ETF). Same methodology as NASDAQ-100 via SPY. SPY distributions reinvested.
RBA + 2% Each buy deposits into a hypothetical savings account compounding at the RBA cash rate plus a 2% spread (approximating a mortgage offset account). Each sell withdraws. No units — just a running balance growing at the prevailing rate.