Edleson and Marshall base their claim that VA outperforms other strategies on the fact that it generates a consistently higher Internal Rate of Return (IRR). According to Hayley (2013), however, the IRR is a misleading measure of returns for strategies such as VA. These strategies systematically invest less after strong returns than they do after weak returns. This makes the IRR calculation put more weight on earlier returns when they were high and less when they were low. This is a retrospective change (as VA invests more "after" poor returns), so while it alters the measured IRR it doesn’t generate more wealth for the investor.