IRR
Simple folk like me generally use ROI cause it is easier to calculate. From my recent studies, IRR internal rate of return takes into account the time value of money. It is used for calculating the annual growth rate. Now, I haven't listened to the recording so I don't know what was presented in Munich but I do know from personal experience that GP has used that metric before in my dealings with him. Also I know GP is typically conservative by nature. So I am assuming that 31% IRR is the low end of expectations. To put 31% IRR in the right perspective, it is an amazing proposition and should be easily bankable. In this instance... 31% IRR would be defined as an annualized rate that would have discounted all payouts throughout a lifetime of the investment (16 months and 17 days in the case of 31%) to a value that equals the initial investment amount. Conservatively interpreted...it means we are going to make a boat load of money. Peace.