diff --git a/TODO.markdown b/TODO.markdown
deleted file mode 100644
index 1e83a163..00000000
--- a/TODO.markdown
+++ /dev/null
@@ -1,8 +0,0 @@
-* README
-* Rationale (how it's different from mustache, and why)
-
-* Refactor blocks/inverted sections so shared code isn't copied and pasted
-
-* Add support for {{^}} when helperMissing is in play.
-* Figure out how to allow detection of first/last/iteration when enumerating over arrays.
-* Easier way to push context within a block helper, so that it can pass a built context to its function.
diff --git a/lib/handlebars.js b/lib/handlebars.js
index 7df35481..26dd7b79 100644
--- a/lib/handlebars.js
+++ b/lib/handlebars.js
@@ -1,20 +1,27 @@
 var Handlebars = {
+  compilerCache: {},
+
   compile: function(string) {
-    var fnBody = Handlebars.compileFunctionBody(string);
-    var fn = new Function("context", "fallback", "Handlebars", fnBody); 
-    return function(context, fallback) { return fn(context, fallback, Handlebars); };
+    if (Handlebars.compilerCache[string] == null) {
+      var fnBody = Handlebars.compileFunctionBody(string);
+      var fn = new Function("context", "fallback", "Handlebars", fnBody); 
+      Handlebars.compilerCache[string] = 
+          function(context, fallback) { return fn(context, fallback, Handlebars); };
+    }
+
+    return Handlebars.compilerCache[string];
   },
 
   compileToString: function(string) {
     var fnBody = Handlebars.compileFunctionBody(string);
     return "function(context, fallback) { " + fnBody + "}";
   },
-
+  
   compileFunctionBody: function(string) {
-    var compiler = new Handlebars.Compiler(string);
-    compiler.compile();
+      var compiler = new Handlebars.Compiler(string);
+      compiler.compile();
 
-    return "fallback = fallback || {}; var stack = [];" + compiler.fn;
+      return "fallback = fallback || {}; var stack = [];" + compiler.fn;
   },
 
   isFunction: function(fn) {
@@ -62,17 +69,11 @@ var Handlebars = {
     });
   },
 
-  compiledPartials: {},
   compilePartial: function(partial) {
-    var compiled = Handlebars.compiledPartials[partial];
-
-    if (compiled == null) {
-      if (Handlebars.isFunction(partial)) {
-        compiled = partial;
-      } else {
-        compiled = Handlebars.compile(partial);
-      }
-      Handlebars.compiledPartials[partial] = compiled;
+    if (Handlebars.isFunction(partial)) {
+      compiled = partial;
+    } else {
+      compiled = Handlebars.compile(partial);
     }
     
     return compiled;
@@ -191,9 +192,7 @@ var Handlebars = {
         out = out + Handlebars.helperMissing.not.call(arg, lookup, notFn);
       }
     }
-
     
-
     return out;
   },
 
diff --git a/test/perf.js b/test/perf.js
index 052c9431..a59d59c4 100644
--- a/test/perf.js
+++ b/test/perf.js
@@ -79,9 +79,8 @@ var data = {
   ]
 }
 
-var fn = Handlebars.compile(tmpl);
 var test1 = function() {
-  fn(data, {partials: partials});
+  Handlebars.compile(tmpl)(data, {partials: partials});
 }
 var test2 = function() {
   Mustache.to_html(tmpl, data, partials);