Can we calculate annual return rate from the average return? say someone who is average 50% (150%, 25%, 0%, 25%) over 4 PSL, is that mean his annualize return = 200% from (50 X 4) or 400% from ((1.5 ^ 4) - 1) or we should just use the quarterly return ((2.5 X 1.25 X 1.00 X 1.25)-1) = 290% Stan