NCAV
Graham Net-Nets on the NSE: Boom-Bust Deep Value in India
NCAV screen on Indian stocks from 2001 to 2024. 8.28% CAGR with 42% volatility. Recovery years hit +133%, +106%, and +81%. The trade-off is a -57.7% max drawdown.
Latest
NCAV
Graham Net-Nets in Taiwan: 9.48% CAGR vs TAIEX 5.72%
We backtested Graham net-net stocks on Taiwan exchanges from 2001 to 2024. The strategy returned 9.75% CAGR with a Sortino of 0.888, only 12.5% negative periods, and 39% down capture. Taiwan's small manufacturer ecosystem creates ideal conditions for net-net investing.
NCAV
NCAV in Japan: Where Balance Sheets Still Set the Floor
We ran the NCAV screen on Japan from 2007 to 2024. CAGR of 8.85% matched SPY with lower drawdown (-33.7% vs -40.3%) and a Sortino of 1.167. Japan's cash-heavy balance sheets make NCAV a better predictor of liquidation value than in any other developed market.
NCAV
Graham Net-Nets on the TSX: +6.55% Annual Alpha vs Canadian Benchmark
NCAV screen on Canadian stocks from 2001 to 2024. 7.49% CAGR. The only exchange with zero cash years out of 24. Resource-heavy TSX produces net-nets every year, but the ride includes a -55.9% max drawdown.
NCAV
NCAV: What the Balance Sheet Actually Tells You About Liquidation Value
We computed NCAV for every US stock from 2001 to 2024 and bought the ones trading below liquidation value. CAGR was 5.02% vs 8.84% for SPY. The real finding is what NCAV reveals as a balance sheet tool, which current assets matter, and why the formula uses them instead of total assets.
ROIC
Sustained ROIC on German Stocks: Beats DAX by 2.81% with Exceptional Risk Control
Sustained high ROIC on XETRA stocks from 2000 to 2025. 7.08% CAGR vs 7.30% SPY. No alpha, but the best max drawdown (-31.4%) and lowest volatility (20.37%) of any exchange tested. Quality as risk reducer, not return booster.
ROIC
Sustained ROIC on Indian Stocks: 14.25% CAGR, Beats Sensex by 2.76%
Sustained high ROIC on BSE+NSE from 2000 to 2025. 15.55% CAGR vs 7.30% SPY. India is the only market where persistence alpha (+4.98%) is positive. The trade-off: 52% volatility and -56.9% max drawdown.
asset-light
Asset-Light Business Models: 13 Markets Compared
We tested the asset-light composite score across 13 exchanges over 25 years. The light-heavy spread was positive on all 13 markets, ranging from +0.82% (Taiwan) to +16.22% (US). Capital efficiency separates winners from losers globally.
asset-light
Asset-Light Business Models on Chinese Stocks: 25 Years of Data
We tested the asset-light composite score on Chinese A-shares (SHH + SHZ) over 25 years. Asset-light returned 3.17% vs -1.29% for asset-heavy: a 4.46% spread. SOE dynamics and the 2021 tech crackdown complicate the picture.
asset-light
Asset-Light Business Models on Indian Stocks: 25 Years of Data
We tested the asset-light composite score on Indian stocks (BSE + NSE) over 25 years. Asset-light returned 5.39% annually vs 1.60% for asset-heavy: a 3.79% spread. Smaller than the US, and India's capex-led growth cycle creates a headwind.
free cash flow
FCF Yield Screen on UK Stocks: 25-Year Backtest
We screened for high FCF yield on London Stock Exchange stocks from 2000 to 2025. 9.98% CAGR, +8.75% excess over FTSE 100. In 2008, the portfolio fell only 4.4% while FTSE 100 dropped 22%. Down capture of 23% with 196% up capture. Quality-filtered cash generators dominate flat UK markets.
asset-light
Asset-Light Business Models on US Stocks: 25 Years of Data
We scored US stocks on asset turnover, capex intensity, and gross margin over 25 years. Asset-light (top 20%) returned 4.82% annually, asset-heavy (bottom 20%) -8.38%. The 13% annual spread is consistent across every decade, but the signal works better as a filter than a standalone strategy.