value investing
Same DCF screen across 14 global exchanges with local benchmarks. Sweden led on every metric (+12.17% vs OMXS30, Sharpe 0.579). Germany +7.89% vs DAX, Canada +7.40% vs TSX. India trailed its Sensex. Universe construction matters as much as the signal.
value-investing
Canada's TSX delivered 11.45% CAGR with zero cash periods over 25 years. The portfolio captured 149.12% of upside and only 36.79% of downside vs the TSX Composite. Max drawdown stayed at -33.59%. 68% annual win rate.
backtests
We screened every German stock on XETRA for discount to intrinsic value using a Gordon Growth Model and backtested from 2000 to 2025. The strategy returned 12.40% CAGR vs 4.51% for the DAX (price index), +7.89% local excess (~+5pp after dividend adjustment).
event-study
20,059 earnings events across Shenzhen and Shanghai (2000-2025). Beats drift +1.75% vs SSE Composite at T+63 (t=+8.04). Misses drift +0.70% (t=+4.42, also significant). Both legs up, so the level is a coverage premium and the Q5-Q1 spread of +2.14pp is the earnings signal.
event-study
16,406 earnings events on Taiwan exchanges TAI+TWO (2000-2025). Misses drift -1.68% vs TAIEX at T+63 (t=-9.72). Q1 worst misses drop -3.13%. Q5-Q1 spread: +4.55pp, highest globally. Beats: +0.85% (t=+4.07). Next-day close entry.
value investing
We screened every US stock for discount to intrinsic value using a Gordon Growth Model and backtested from 2000 to 2025. The strategy returned 7.91% CAGR vs 7.33% for SPY, +0.58% annual excess. A thin edge with deeper drawdowns and worse risk-adjusted returns than the index.
value investing
We previously published a DCF discount backtest for Australian stocks reporting 6.08% CAGR. The result was partly an artifact of broken split-adjusted prices in our upstream FMP data (314 ASX symbols affected). We retract the original number and explain why.
value investing
We previously published a DCF discount backtest for Brazilian stocks reporting 18.05% CAGR. The headline was substantially inflated by broken split-adjusted prices in our upstream FMP data. We retract the original number and explain why.
value investing
We backtested Greenblatt's Magic Formula on NSE stocks from 2000 to 2025. The strategy returned 17.14% annually vs 11.12% for the Sensex. $10,000 became $587K. Both returns in INR, so the 6.0% excess is a clean same-currency comparison.
value investing
We backtested Greenblatt's Magic Formula on the Jakarta Stock Exchange from 2000 to 2025. With a proper IDR 5T market cap threshold (~$310M USD), the strategy returned 7.71% annually, roughly matching SPY. An earlier analysis using IDR 1B (~$65K USD) showed 19.58% CAGR, but that was micro-cap noise.
stock splits
1,968 forward stock splits on US exchanges, 2000 to 2025. Post-split drift is gone in aggregate. Corrected August 2026: our -11.67% result for 5-for-1+ splits was mostly fund share splits and encoding errors. The genuine leg is -7.14%, not significant.
value investing
We ran the same two-factor ranking system on 20 global exchanges with local benchmarks. 13 of 20 exchanges beat their local index. India led at +13.12% vs Sensex, Brazil at +10.72% vs Bovespa, UK at +8.02% vs FTSE 100. Sweden (+4.96% vs OMX), Germany, Japan, Hong Kong, Taiwan, and Korea all show...