working capital
The UK produced the highest excess return of any exchange we tested for working capital efficiency. Over 25 years, a portfolio of the UK's most capital-efficient companies returned 8.87% CAGR. The FTSE 100 returned 1.13% over the same period. That's +7.75% annual excess
backtests
Graham Number on Japan: 11.59% CAGR Over 25 Years, +8.64% Above the Nikkei Of all the exchanges we tested the Graham Number strategy on, Japan produced some of the best results. 11.59% CAGR from 2000 to 2024. +8.64% annually above the Nikkei 225. A 76% win
asset growth
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 2025. The portfolio returned 6.99% annually vs 3.31% for the Nikkei 225. That's +3.
asset growth
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 2025, beating the FTSE 100'
momentum investing
We backtested the Sector-Adjusted Momentum strategy on XETRA (German stocks) from 2000 to 2025. The strategy buys stocks outperforming their own sector peers on a 12-month return basis, stripping out sector trends to isolate stock-level momentum. The result: 10.29% annual return versus the S&P 500 benchmark'
Revenue Growth
We ran revenue surprise momentum, buying stocks that beat quarterly analyst revenue estimates, on 9 stock exchanges worldwide from 2000 to 2025. The result was stark: the US outperformed by 2.1% annually. Every other exchange either underperformed or spent most of the backtest holding cash because the signal couldn&
Revenue Growth
We ran a quarterly revenue surprise strategy, buying stocks that beat analyst revenue consensus estimates, on all US stocks (NYSE, NASDAQ, AMEX) from 2000 to 2025. The result: 10.11% annualized vs 8.01% for the S&P 500. A $10,000 investment grew to $119,368 vs $72,
earnings surprise
We tested Post-Earnings Announcement Drift on 14 global exchanges using 300,000+ earnings events from 2000 to 2025. The main finding is simple: PEAD is universal. Every exchange in our study shows a positive Q5-Q1 quintile spread at T+63. India leads at +7.59%. Sweden trails at +0.91%
earnings surprise
Earnings misses cause 8x more drift than beats on US stocks. We tested 170,115 earnings announcements from 2000 to 2025. Negative surprises produce -2.00% cumulative abnormal return at T+63. Positive surprises produce just +0.24%. The Post-Earnings Announcement Drift anomaly is real, but the edge is concentrated
earnings surprise
UK earnings beats produce just +0.22% cumulative abnormal return at T+63. Misses produce -2.14%. The Q5-Q1 spread of +3.99% exists, but it's almost entirely driven by what happens to companies that miss estimates. The UK PEAD signal is structurally a miss-avoidance signal. If you&
earnings surprise
Don't buy the beat in Thailand. The earnings surprise signal here works in only one direction: misses produce strongly negative drift, and beats produce essentially nothing. The Q5-Q1 spread of +5.43% is the third-largest globally, but it's entirely driven by the collapse in Q1 (worst
earnings surprise
Taiwan's Q5-Q1 earnings drift spread of +5.47% at T+63 is the second-largest globally in our study. But the story here is driven by the miss side. Biggest misses produce -3.71% CAR at T+63 (t=-11.4). Biggest beats produce a more modest +1.76%