We ran the Graham Number screen on 13 exchanges over 25 years. Same formula. Same rules. Each exchange measured against its own local stock index. The results are stronger than the old SPY-only comparison suggested. Contents 1. Method 2. Full Results Table 3. The Winners: 10 Markets That Beat Their
We ran the same margin expansion backtest across 12 global exchanges. The question: do companies with improving operating margins outperform those with deteriorating margins? The answer depends entirely on which market you're looking at. Contents 1. Method 2. The Results at a Glance 3. Where Margin Expansion Works
We ran the same pairs trading strategy on 11 exchanges and tested it over 20 years (2005-2024). Every single exchange underperformed its local benchmark. That was expected. What wasn't expected was how different the results are across markets, and what those differences reveal about market structure. Contents 1.
Of every exchange tested in this study, Japan stayed invested the most. Only one cash year in twenty. The US had six. Germany had fourteen. The UK had thirteen. Japan's pairs kept forming, year after year, through the financial crisis, through Abenomics, through COVID. Contents 1. Method 2.
Twenty years, -0.50% CAGR, Sharpe of -0.81. That's the headline. The pairs trading strategy we covered in the first post in this series, correlation-based, same-sector, z-score entry, ran clean over 2005 through 2024 on US stocks. It didn't blow up. It also didn'
We tested working capital efficiency as a stock selection signal on 15 exchanges worldwide. 11 outperformed their local benchmark. 4 underperformed. 2 had too many cash periods to draw conclusions. Contents 1. The Signal 2. All 15 Exchanges 3. The Outperformers 4. UK: The Surprise Winner (+7.75%/yr vs
Canada produced the most defensive working capital efficiency portfolio across all 15 exchanges we tested. The max drawdown was -22.29%, roughly 7 percentage points shallower than the TSX Composite's -28.80%. Contents 1. Why Canada? 2. Methodology 3. The Numbers 4. The Drawdown Story 5. When It
Sweden produced a solid working capital efficiency portfolio. The CAGR of 8.80% outperforms the S&P 500 by 1.17% per year. The Sharpe ratio of 0.350 and max drawdown of -40.27% reflect Sweden's more volatile market. Contents 1. Why Sweden? 2. Methodology 3.
Low P/E screening on the London Stock Exchange returned 13.6% annually from 2000 to 2025. The FTSE 100 managed just 1.4% over the same period. That's +12.2 percentage points of excess return. The strategy outperformed in 67% of quarters, the highest win rate of
Asset Growth Anomaly on UK Stocks: +9.71% Alpha Over the FTSE 100 The asset growth screen on UK stocks produced the highest win rate of any exchange we've tested. The strategy returned 10.94% annually on LSE-listed stocks from 2000 to 2024, beating the FTSE 100'
Asset Growth Anomaly on Japanese Stocks: 6.99% CAGR With 60% Win Rate vs Nikkei 225 We backtested the asset growth anomaly with quality filters on JPX-listed Japanese stocks from 2000 to 2024. The portfolio returned 6.99% annually vs 3.31% for the Nikkei 225. That's +3.
India produced strong absolute returns for working capital efficiency. Over 25 years, a portfolio of India's most capital-efficient companies returned 15.20% CAGR. The BSE Sensex returned 12.32% over the same period. That's +2.88% annual excess and a 60% win rate (15 out of